Ackruti City lines up capex of Rs 600 cr over next 1-year

MUMBAI: Realty firm Ackruti City today said it has lined up a capital expenditure of Rs 600 crore over the next one year to carry out its various projects.

"We have a capex of Rs 600 crore over the next one year for implementing our various projects," Ackruti City Limited's Chairman, Hemant Shah, said.

More than 50 projects are currently at different stages of implementation, Shah said.

"Of these, 70 per cent are residential complexes," he said.

The company's CFO, Bharat Mody, said Ackruti City had raised Rs 1,000 crore over a period of time from banks and financial institutions to fund its projects and meet other requirements.

He said the company had planned to launch 3-4 new residential projects very soon, he said.

"We will raise funds for these projects as well," he said.

Asked if the company was looking at private equity funding, Mody said the company was open to the option at the SPV level. "If the valuations are right and it is beneficial to us, we will go for PE funding," he said.