BCCL Invests ₹60 Crore in Mantri Realty
Bennett, Coleman & Co Ltd (BCCL) has acquired ₹60 crore worth of preference shares in Mantri Realty Limited, a Mumbai-based real estate company with significant operations in both Mumbai and Bangalore. Mantri Realty is an associate concern of Mantri Enterprises. This investment will fuel Mantri Realty's development of new projects and expansion into infrastructure. The company, having already completed over 35 residential and commercial projects, boasts over 3 million square feet of built-up area across 15 cities and possesses a substantial land bank exceeding 1,400 acres.
Mantri Realty's Foray into Infrastructure
"Having made a mark in real estate sector, we will make a major foray into the infrastructure sector with our power projects. Through our subsidiary Mantri Power Ltd, a 540 MW thermal power plant with an investment of Rs. 2,400 crore would be set up near Nagpur. The plant will be fully functional by 2012 and 60% of the power generated out of the plant will be supplied to the Maharashtra state power utility.”, said Mr. Sunil Mantri, Chairman of Mantri Realty. This ambitious undertaking marks a significant diversification for the real estate major. Through its subsidiary, Mantri Power Ltd, the company plans to establish the 540 MW thermal power plant near Nagpur with a substantial investment of ₹2,400 crore. The plant is expected to be fully operational by 2012, with 60% of its generated power earmarked for the Maharashtra state power utility.
Ongoing and Future Projects
Mantri Realty has recently initiated projects in both Bangalore and Hyderabad. Further diversifying its portfolio, the company is developing two Special Economic Zones (SEZs), IT parks spanning 50 and 25 acres respectively, and an extensive 400-acre township in Nagpur. The company has secured a clientele comprising major corporations such as Reliance Industries, Tata Steel, Mercedes Benz India Ltd, HDFC Bank Ltd, SAIL, NSE, and SBI Homes Finance Ltd. Furthermore, Mantri Realty maintains partnerships with leading housing finance companies and banks to facilitate loan schemes for their diverse projects. This demonstrates the company's commitment to providing comprehensive solutions for its clients.