News: India's Ansal to develop $4.5 bn property project

(RTR 21/12/2006) New Delhi - Indian real estate developer Ansal Properties & Infrastructure Ltd. said on Thursday its consortium had got approval to develop a Rs 20,000 crore ($4.5 billion) city.

The project to develop more than 2,500 acres (1,000 hectares) near Greater Noida, about 40 km (25 miles) from New Delhi, will have a convention centre, 5-star hotels, serviced apartments, malls, hospitals and schools, it said in a statement.

Aimed for a population of 30,000, the city in the northern state of Uttar Pradesh will also have a stadium in addition to sporting facilities like a golf course, tennis academy, polo and equestrian clubs, it said.

In October, Ansal's board approved raising up to Rs 2500 crore in equity, including a follow-on offer for Rs 2000 crore by March and the remaining from private placement.

Ansal, whose shares ended provisionally down 1.5 per cent at Rs 872, has also said it plans to foray into the country's booming hospitality sector.