| DMC to buy land in Rajasthan for agri-farming |
| BS Reporter / Mumbai December 27, 2007 |
| DMC International, a Delhi-based real estate developer is going to acquire close to 200 acres of agricultural land near Kota in Rajasthan for agri-farming using Israel technology and consultancy. According to a release issued by DMC to the BSE today, the company has entered into Memorandums of Understanding for acquiring the land. The company had earlier announced its intent of foraying into jatropha plantation. The company planned to acquire 1,000 acres each in Orissa and Madhya Pradesh for this purpose. DMC is planning to set up its own jatropha seed crushing plant with an initial investment of Rs 1 crore. The company expects the jatropha plantations to contribute up to Rs 1 crore a year to its bottom line. Meanwhile, the Delhi-based firm is strengthening its presence in the real estate sector with an investment of Rs 300 crore. The fund, to be invested in three years, will be met through a GDR issue of Rs 100 crore in UK next year. The company is also in talks with IDBI, Jammu & Kashmir Bank and UTI to get loans for this purpose. The real estate business will focus on the rising demand for residential and business complexes in the national capital region (NCR). Currently, the company is constructing a world-class residential group housing projects in Alwar consisting of 460 dwelling units, a multiplex, a shopping mall, a fully-equipped health club, food court, etc. It is also planning to develop a mini township on 20 acre land in Behror, Rajasthan. |
