Indu Projects eyes Rs 300cr turnover this fiscal

Hyderabad-based Indu Projects Limited, the Rs 127-crore infrastructure development group, is looking at achieving a turnover of Rs 300 crore and Rs 500 crore by 2005-06 and 2006-07 respectively.

One of the reasons for the company to be bullish on its growth is the projects worth Rs 600-crore that Indu is currently working on across Andhra Pradesh, Maharashtra and Karnataka. Some of its ongoing projects in the state include an integrated township at Kukatpally besides Godavari and Tadipul lift irrigation projects.

Addressing mediapersons here on Monday, I Syam Prasad Reddy, managing director of Indu Projects Limited, said, "We are also looking at getting into railway track-laying works and are bidding for two projects. We will be sourcing three machines (mobile flash butt welding plant) from abroad for this purpose."

This is part of the Golden Quadrilateral Railway Project that will require around 32 such machines across India with each machine slated to cost around Rs 6 crore.

Indu Projects will also be bidding for software technology and biotech parks in Andhra Pradesh. The company is already working on a software technology park with Embassy Projects in Bangalore.

This apart, it is also in talks with a few players in the retail and health segments to work as turnkey contractor for malls and hospitals in Andhra Pradesh and Karnataka.

The company is also upbeat on urban infrastructure development in India with the influx of FDI in this segment.

"The foreign companies will be looking at outsourcing their projects to local companies in India. We will be positioning ourselves as solution providers for such companies," Reddy said.

Indu Projects is also looking at promoting a real estate investment fund based on the American model wherein real estate companies can come forward to execute projects together.

Such trusts, at present, do not exist in India. The company is also planning to execute turnkey projects in pharma infrastructure development.