Bennett, Coleman & Co picks up Rs60-crore stake in Mantri Realty
08 April 2008
New Delhi: The publisher of The Times of India and The Economic Times. Bennett, Coleman & Co Ltd (BCCL) has acquired preference shares in Mumbai-based real estate major Mantri Realty Limited for Rs60 crore.
Mantri Realty an associate concern of Mantri Enterprises, will use the funds to develop new projects.
The company along with its associates has a land bank of more than 1,400 acre and has successfully completed 35 residential and commercial projects spanning over 3 million sq ft built-up area across 15 cities in the country.
Mantri Realty, which has recently launched projects in Bangalore and Hyderabad, is also developing 2 SEZs, IT Parks spread over 50 acres and 25 acres of land and one large township spread on 400 acres of land in Nagpur.
The company's client list includes reputed corporate houses such as Reliance Industries, Tata Steel, Mercedes Benz India Ltd, HDFC bank Ltd, SAIL, NSE and SBI Homes Finance Ltd.
The company has diversified in to the infrastructure business with it's power plant project to be set up in Nagpur.
As per the company website, Mantri Realty through its subsidiary, Mantri Power Ltd, is going to invest Rs2,400 crore for the 540-megawatt thermal power plant in Nagpur. This project would be implemented in a joint venture with the Purti Group, in which Mantri Realty and its associates would be holding 75 per cent stake.
Around 60 per cent of the power generated will be supplied to the Maharashtra state power utility, while 25 per cent would be sold to other buyers across the state. The remaining 15 per cent will be kept for domestic consumption in the company's projects, the website added.