Punj Lloyd enters realty business
04 Aug 2007
Mumbai: Engineering and construction major Punj Lloyd has teamed up with the Ramprastha Group to develop residential projects in Ghaziabad at an investment of Rs360 crore.
Punj Llyod has signed a memorandum of understanding (MoU) with Ramprastha Group to develop the project through a 50:50 joint venture, the company said in a filing with the Bombay Stock exchange (BSE).
Punj
Lloyd (or its affiliates) expects to make an initial
investment of up to Rs180 crore and the Ramprastha Group
plans a similar initial investment, the company said
in the communique to the BSE.
The
project would be developed in two phases. In the first
phase, the companies would develop residential apartments
on about 29 acres of land in Vaishali, Ghaziabad. In
the second phase, development is proposed at Indirapuram
and Gurgaon, where the Ramprastha Group has a large
land bank.
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