Soma Enterprises to foray into real estate

Mulls entry into hydel power sector too

Soma Enterprise Ltd (SEL), the Hyderabad-based Rs 715 crore infrastructure development company, one of the three partners that will implement the 9-km elevated expressway between Silk Board junction and Electronics City, is entering the real estate sector in a big way with a host of projects across the country.

To begin with, the company proposes to develop an integrated township in Bangalore and a service apartment complex in Hyderabad. It has acquired 100 acres on Mysore road to develop an integrated township, which will include residential, office and commercial buildings, SEL director Ankineedu Maganti said.

"We have developed the expertise in implement large infrastructure projects and based on our experience we want to enter property development. We are currently in the process of finalising the drawings and layout plan for the township, which will be developed in phases," he told Business Standard.

In Hyderabad, the company holds about 150 acres near the Hitech city. Besides these two cities, it is also in the process of acquiring land in Delhi, Chennai and Chandigarh. The company has set apart Rs 200 crore for this, Maganti said.

"We are looking for a tie up with international construction companies for joint development of projects. We have shortlisted a couple of firms in Malaysia and Europe in this regard," he said.

He said that the company is studying opportunities in the power sector by forming a separate entity to operate as an independent power producer. It is at present engaged in the civil works for a 2,000-Mw power project for National Hydro Power Corporation on the Assam and Arunachal Pradesh border.

"Our main strength is in civil works. We want to make use of the opportunities available in setting up power projects across the country. We will tie up with other power producers for electro mechanical expertise and develop power projects jointly," he said.

Soma Enterprise was also evaluating several hydel projects "� both ongoing and proposed "� in north eastern states, Andhra Pradesh and Uttaranchal, he said, adding that by the end of this fiscal it would firm up its plans for a foray into the power sector.

For the year-ended March 31, the company reported a turnover of Rs 715 crore and expects to increase it to Rs 1,250 crore during the present fiscal.