Omshakthy Agencies (Madras) Pvt Ltd plans to raise Rs 75 crore from a private equity (PE) fund for its proposed township project. The company has said that, besides the township project, it has lined up projects in which it will invest around Rs 500 crore.
Speaking to reporters after introducing Santha Buildtech as the umbrella brand for all its offerings in the residential segment, R Ramachanthran, chairman and managing director, Omshakthy Agencies (Madras) Pvt Ltd, said that the company was developing a township project at Pallavaram, near Chennai. Spread over 150 acres, the project would cater to various segments of the population.
“We are planning to invest Rs 150 crore in the project, to support which we are planning to raise Rs 75 crore from a private equity player,” he said.
He added that the company would invest Rs 500 crore over the next the next three years in various real estate projects. This include flats, villas, twin houses and a township. Each of these project will be developed through a special purpose vehicle (SPV).
The company has a land bank of 250 acres distributed across various locations, and is in the process of unlocking value from these lands.
Omshakthy Agencies (Madras) Private Limited is a Chennai-based land bank aggregator with allied interests in construction and residential development.
Since its incorporation in 1991, the company has acquired more than 4,000 acres of land for its clients.