News: Ansal eyes $2.3 bln Delhi township project
(RTR 22/03/2006) New Delhi - Ansal Properties and Infrastructure Ltd. said on Wednesday it expected to get approval to build a 100-billion-rupee ($2.3 billion) township near New Delhi.
The company also announced a joint venture with Malaysian property and healthcare company Faber Group Berhad to provide healthcare support and facilty management at medical institutions in India.
Chief Executive Anil Kumar told reporters Ansal's order book stood at more than 150 billion rupees, with 75-80 percent of that for integrated townships, or residential colonies, in second-tier cities.
Ansal plans to raise funds for future land acquisition by September via a public share issue or private equity, he added.
Ansal shares rose 4.7 percent to 688.80 rupees in a weaker market.
Ansal, with a market captalisation of 12 billion rupees, has developed about 25 million sq ft of residential and commercial property. It is the flagship company of Ansal Properties Group, set up in 1967.
Faber Star Facilities Management Pvt. Ltd., jointly set up by the Ansal and Faber, will offer clinical wastage management and bio-medical engineering management as part of its services.
"This is our first joint venture in India and the potential for the market is great," Noorizah Haji Abdul Hamid, managing director at Faber, told Reuters.
"The returns can be immediate and I expect to make profit within two years. Our investment is not substantial as there is not much capital expenditure."
The groups said in a joint statement Faber would hold 51 percent of the venture, which will begin operations in May and aim for turnover of 1 billion rupees within three to five years.
Hamid said it would target private sector hospitals.
The company also announced a joint venture with Malaysian property and healthcare company Faber Group Berhad to provide healthcare support and facilty management at medical institutions in India.
Chief Executive Anil Kumar told reporters Ansal's order book stood at more than 150 billion rupees, with 75-80 percent of that for integrated townships, or residential colonies, in second-tier cities.
Ansal plans to raise funds for future land acquisition by September via a public share issue or private equity, he added.
Ansal shares rose 4.7 percent to 688.80 rupees in a weaker market.
Ansal, with a market captalisation of 12 billion rupees, has developed about 25 million sq ft of residential and commercial property. It is the flagship company of Ansal Properties Group, set up in 1967.
Faber Star Facilities Management Pvt. Ltd., jointly set up by the Ansal and Faber, will offer clinical wastage management and bio-medical engineering management as part of its services.
"This is our first joint venture in India and the potential for the market is great," Noorizah Haji Abdul Hamid, managing director at Faber, told Reuters.
"The returns can be immediate and I expect to make profit within two years. Our investment is not substantial as there is not much capital expenditure."
The groups said in a joint statement Faber would hold 51 percent of the venture, which will begin operations in May and aim for turnover of 1 billion rupees within three to five years.
Hamid said it would target private sector hospitals.
posted by InCar Group Press Room at 14:45
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