Maruti Securities to invest Rs.60 Lakhs in Sabarimala Infrastructure Development Company Pvt Ltd

Maruti Securities Ltd has announced that the Board of Directors of the Company at its meeting held on October 30, 2006, has approved the investment of Rs 60 lakhs by way of 1200000 equity shares to be subscribed @ Rs 5/- per share consisting of the 12% of the equity of Sabarimala Infrastructure Development Company Pvt Ltd (SIDCPL). Further SIDCP will also receive Rs 10 crores soft loan from the Company repayable after the repayment of term Loans extended by Banks & Financial Institutions to SIDCPL.

The Total cost of the Project is Rs 111 crores promoted by Mr Manoj Sharma with joint participation of 50% in the equity by Gammon Infrastructure Projects Ltd. The project will also be executed by Gammon Infrastructure by Gammon Infrastructure Projects Ltd.

The details of the projects are to lay a road for pilgrims to Sabarimala, construction of 500 room hotel, parking shopping and other facilities.

Source : Equity Bulls

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