Tanuj

Real estate firm Ambience Projects and Infrastructure Ltd on Tuesday said it would invest up to 5,000 crore in the next three years to develop various properties across the country.

The company plans to raise about Rs 2,500 crore to fund the planned investments through debt and equity route and is considering various options, including initial public offer.

"We will invest RS 4,500-5,000 crore in next three years to develop our ongoing and future projects," Ambience Projects and Infrastructure Ltd Chairman and Managing Director Raj Singh Gehlot said.

Gehlot said the company would fund Rs 2,500 crore through internal accruals while the remaining would be raised through a combination of debt and equity.

"We are weighing the options of institutional funding, private equity and IPO," he said, adding that the decision would be taken in the next four months.

Ambience has a land bank of 800 acres at present, mainly in NCR and adjoining areas, with a developable area of 70 million sq ft, which it plans to develop in the next 5-10 years.

The company is developing an integrated township on 140 acre in Gurgaon and has another 110-acre in the city for future development. In the Gurgaon township, it has completed development of 3.2 million sq ft with a shopping mall and a group housing project of 343 apartments.

The realty firm would build townships in Panipat, Sonepat and Visakhapatnam. Besides, the company has 41 acres in Noida for group housing projects and 14 acres in Greater Noida for shopping-cum-office complex. The construction on most of these projects would start this fiscal.

Ambience is scouting for land in Bhopal, Indore, Mumbai, Chennai, Hyderabad and Kolkata for expansion.

- The Hindu (Nov 6, 2007)