BSEL Infra lines up Rs 450 cr for Mumbai, Gujarat

BSEL Infrastructure Realty has lined up Rs 450 crore investment in seven projects in Mumbai and Gujarat over the next two years.

"The company has already invested in three projects and four more projects are coming up. The total investment is estimated at Rs 450 crore, and revenue stream is expected in the next two financial years," said BSEL Managing Director Dharmendra Raichura.

He said the company had secured shareholders' approval to raise Rs 750 crore for capital expenditure. "However, we will not be raising the entire amount. We are also firming up plans for preferential allotment," Raichura said.

The company is in the process of acquiring 30 acres of land in Navi Mumbai near the special economic zone, developed by Reliance Industries, for building a township "� Borkhar Township Project.

The project is expected to be completed by January 2012 and the company is in the process of making preliminary surveys and layout for the Rs 200 crore township. It is also developing a township in Thane (Mumbai).

"BSEL is also developing a golf course in the Seawoods area near Navi Mumbai in 89 acres as a part of the township," he said.

Besides, the company is bidding for a tourism facility project in Kevadia (Baroda), which will comprise residential and commercial complexes. The project will be developed in phases.

BSEL is participating in the tender process for BMC's multi-storied retail market.

The company has already completed construction of a park, BSEL Tech Park, and 80 per cent of the premises has been sold. BSEL is set to lease out 47,000 sq ft of land in the park, which will fetch Rs 50 crore revenue to be realised in the current financial year.

It is also expecting a revenue of Rs 35 crore in the current financial year from the properties at International Infotech Park (Vashi railway station in Navi Mumbai).

BSEL has Rs 145 crore worth projects under construction including Narmada Nihar, Buty Palace in Nagpur and a residential project in Dubai.

The company is likely to generate a revenue of Rs 210 crore spread out in the next two financial years.