Deal valued at Rs 30 crore
Vijay Shanthi Builders Ltd (VSBL) has acquired High End Homes Pvt Ltd, a privately held company for around Rs 30 crore.
Speaking to Business Standard, Suresh Jain, managing director, VSBL, said the company had acquired High End Homes mainly for its land assets of 7.5 acre at Ambattur. “This will be 100 per cent acquisition for a consideration of around Rs 30 crore,” he said.
The company is planning to build a Rs 210-crore residential project on the land accruing from the acquisition. The total area floor space of the project would be around 6-7 lakh sft.
The Chennai-based real-estate developer has also identified three more residential projects, including a 70-villa project, each of which would cost Rs 3 crore. Located on the East Coast Road, the project would involve a total investment of around Rs 2,100 crore. It is also planning a premium project at Tiruvanmiyur with an investment of around Rs 50 crore and another residential project with a similar investment at Kilpauk.
The company is executing projects worth Rs 870 crore, some of which are Chennai's costliest premium apartments, with each flat costing around Rs 8 crore.
Jain added the company was also planning to re-launch its water business in the city. Currently, the company has a unit at Porur with a capacity of around 70,000 litre a day, which he said woud be increased to 1.5-2 lakh litre. “We don’t need major investment in the expansion, all we need is just additional machines,” said Jain.
