Ansal Housing to rope in PE players
Ansal Housing & Construction tie-up with two foreign PE players to form an SPV for its six townships.
By PTI |
MUMBAI: Ansal Housing & Construction on Monday said it would soon tie-up with two foreign private equity (PE) players to form a special purpose vehicle (SPV) which will develop six townships across Punjab, Haryana, Karnataka and Uttar Pradesh.
"We are at the final stages of discussion and hope to announce the tie-up soon," Ansal's Vice President and Company Secretary Mohinder Bajaj said here on Monday.
Declining to reveal the identity of the PE investors, he said they are being roped in with the projects to ease the financial burden of the company.
"In any case, Ansal will have 50 per cent stake in the SPV and the remaining will be shared among the PE players," Bajaj said, adding that the total cost of these six projects would be around Rs 1,200 crore, including the cost of the land.
He said these projects would be developed in phases in five years when the zero date of construction starts.
"We hope to clock Rs 2,000 crore turnover out of these projects and thus, have a gross profit of Rs 800 crore," he said.
Meanwhile, the company has plans to set up 30 township projects, construction works for some of which have already been started, he added.
Ansal has already built a few townships, including three in Ghaziabad, two in Greater Noida and one each in Lucknow and Ludhiana.
"We are at the final stages of discussion and hope to announce the tie-up soon," Ansal's Vice President and Company Secretary Mohinder Bajaj said here on Monday.
Declining to reveal the identity of the PE investors, he said they are being roped in with the projects to ease the financial burden of the company.
"In any case, Ansal will have 50 per cent stake in the SPV and the remaining will be shared among the PE players," Bajaj said, adding that the total cost of these six projects would be around Rs 1,200 crore, including the cost of the land.
He said these projects would be developed in phases in five years when the zero date of construction starts.
"We hope to clock Rs 2,000 crore turnover out of these projects and thus, have a gross profit of Rs 800 crore," he said.
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Meanwhile, the company has plans to set up 30 township projects, construction works for some of which have already been started, he added.
Ansal has already built a few townships, including three in Ghaziabad, two in Greater Noida and one each in Lucknow and Ludhiana.
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