| MVL is involved in manufacturing, import, trading and distribution of consumer electronics items. |
| It now plans to create a seperate division as 'Media Infrastructure Developers' to be based in Gurgaon under the parent company. The company has also proposed to come up with a rights issue of equity share to raise Rs 30 crore by mid-July. |
| MVL is also in talks with with a few international firms to hike the foreign direct investment (FDI) in the company to around 30 per cent. |
| "We are awaiting SEBI's approval for our forthcoming rights issue of Rs 30 crore, which is expected by May-end. The funds, thus raised, would be utilised for the real estate venture. We are also in talks with some international firms for FDI investments. A Canadian firm has shown keen interest in investing in our company." Prem Arishi, managing director, MVL, told Business Standard on Wednesday. |
| The promoters holds around 60 per cent stake in the company and the FDI is expected to come through the preferencial allotment route. |
| The company has already identified two projects in Gurgaon and NCR region, which include a 384 acres of farm house project with a golf course and a 100 acres of educational institute and university project. |
| The cost of the first project is estimated to be Rs 80 crore, while the company's second project is expected to come up in Gurgaon with a project cost of around Rs 39 crore. |
| The company expects its turnover to touch Rs 500 crore in the next three years from the present Rs 130 crore with this move. |
| Media Infrastructure Developers would offer services like sourcing of land, development of properties, both residential and commercial, development of farm houses and development of theme-based centres like shopping malls, entertainment centres, culbs, resorts and hotels apart from giving project management consultancy services. |
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