Real estate major Ansal Properties and Infrastructure (APIL) today announced an investment of about Rs 11,000 crore in Punjab in next four years to develop 20 projects, including townships, housing, retail, commercial, and hotels.APIL, the flagship company of the Ansal API Group, has also entered into an agreement with Ritesh Industries, a garment exporter, to build a housing project and business park spread over 42 acres in Ludhiana, with an expected revenue of about Rs 800 crore."We have already launched five projects in Punjab and would be launching another 15 in the state in next six months. We will be investing Rs 10,000-11,000 crore over next three-four years to develop these properties," D Sachdeva, president, Ansal API, said here.He said the total expected revenue from these projects would be about Rs 15,000 crore and added the investment would be financed through debt and internal accruals.Sachdeva said the Ansal API group has in hand projects worth Rs 50,000 crore across the country.On the agreement, Sachdeva said the 42-acre land valued at Rs 150 crore had been provided by Ritesh Industries, while the development work would be done by APIL. The project would have a housing development of 2 million sq ft and 1 million sq ft of business park.He declined to divulge the revenue sharing arrangement with Ritesh Industries, but sources said APIL would corner 75% of the total expected revenues of Rs 800 crore.On the tie up, Sanjeev Arora, MD, Ritesh Industries, said: "This is our first project. We are in the process of signing up MoUs to develop projects in Punjab and Haryana, which would be finalised in next two months."
