Ansal may raise funds through QIP in two tranches

LUCKNOW: Ansal API which got board approval to raise Rs 1,000 crores via the QIP route may do it in two tranches, depending on the market conditions.

Senior officials of the company indicated that they may first raise upto Rs 400 crores through the QIP and then do the remaining portion at alter stage but within the one year period for which the QIP resolution is valid.

The money raised would be used mostly for expansion and development of ongoing projects.

One of Ansal API’s most ambitious project of Sushant Golf City in Lucknow has also been expanded from about 1,800 acres to 3,500 acres. Chairman, Ansal API, Mr Sushil Ansal said that if need be they may even extend the project to 5,000 acres making it one of the biggest township projects in north India.

As of now the company proposes to invest Rs 20,000 crores into the 3,500 acre project which will boast of its own power generation plant, schools, institutes of higher learning, hospital, medicity, commercial spaces, a bio-tech park.

One of the highlights of the Sushant Golf City would be the international standard 18 hole golf course. Mr Ansal said that they are also exploring the possibility to set up a film city in the township and the proposed bio-tech park has already started evoking keen interest. As many as 40 bio-technology companies have shown interest to set up their bases in the park.

He said that with Lucknow boasting of several scientific and research centres, many high profile biotechnology firms are interested to be here. The park would provide a huge fillip to the sector and help establish Lucknow on the biotech map.

Mr Ansal said that they have several projects on going projects in Uttar Pradesh like Agra, Gaziabad, Merrut and are working to provide modern living to denizens.