Mahindra, Billimoria to develop MIHAN

The Mahindra Group's real estate and infrastructure arm Mahindra Lifespaces and B E Billimoria have won a bid to develop a 25-acre residential project at Multi-modal Internal Hub Airport (MIHAN) at Nagpur. The consortium will form a special purpose vehicle to implement the project with Mahindra Lifespaces holding 70 per cent stake and 30 per cent equity stake held by B E Billimoria.

The MIHAN project comprises of development of airport and aircraft  maintenance area, special economic zone and support infrastructure. In the first phase, Mahindra Lifespaces will develop the 1.6 million sq ft build up area over next 36 months.

The company reported total income of Rs 69.03 crore for the fourth quarter ended 31, March 08, up 83 per cent, from Rs 37.80 crore during the corresponding period last year. Its total income for FY08 increased by 35 per cent to Rs 219.96 crore compared to Rs 163.26 crore a year ago.