Housing Development and Infrastructure Ltd (HDIL) enters oil and gas exploration business

22 July 2008

Real estate company Housing Development and Infrastructure Ltd (HDIL) has diversified into the high risk energy sector by floating a subsidiary, HDIL Oil & Gas Pvt Ltd in tie-up with a foreign collaborator, whose identity has not been disclosed. 

The company has already diversified into hospitality and SEZs but is divrsifying in to other sectors due to the the slump in the real estate market.

Under the New Exploration and Licensing Policy (NELP) VII round HDIL Oil & Gas will bid for 10 blocks for which the government had extended the deadline for the placing the bids to 30 June.

In the seventh round of bidding 57 blocks were up for bids of which 29 are on land, 19 in deep water and 9 in shallow water.

However, the company's name does not figure in the winners of successful bidders in NELP VII.

As one of the largest real estate firms, HDIL was ranked the fastest growing real estate company in India in October 2007 by Construction World, National Institute of Construction Management and Research.

The company's turnover and profitability grew by more than 100 per cent in 2007-08 from the previous year, with the compny having maintained more than 100 per cent growth in the last three years.