Omaxe to develop hi-tech township

13 Jul 2009

Omaxe Ltd plans to spend Rs18 billion over five to seven years on a township development project in the northern city of Allahabad, the realty firm said on Monday.

The project is estimated to bring in Rs2,200 crore in revenues, the company said in a fiing to the BSE.

The hi-tech township will be built for the Allahabad Development Authority under a pact the company has signed with the authority.

Pancham Realcon, a subsidiary of the company has entered into a memorandum of understanding for the township development in Allahabad on a proposed area of 1,635.12 acres, the company said in the filing.

The company has, however, not disclosed the financial details of the township project.

Shares of the company fell Rs3.65, or 4.58 per cent to trade at Rs76 with the total shares traded at 16,607 at the BSE on Monday morning.

Omaxe Ltd was incorporated as Omaxe Builders Private Limited in 1989 by Rohtas Goel. It became a limited company in 1998 as Omaxe Construction Ltd. The company is now known as Omaxe Ltd since 2006.

As a civil construction and contracting company, Omaxe has successfully executed more than 100 industrial, institutional, commercial and residential projects for a number of prestigious Indian private, public sector and multinational clients including Amity Univeristy, LG, Pepsi, Samsung, Wave Cinemas, National Brain Research Centre, Apollo Hospitals and Delhi High Court.
 
The company currently has 54 projects under various stages of development including hotels, integrated townships, shopping malls and commercial complexes. The projects

cover a total of over 156 million sq ft of area and are located across 31 towns in 10 states in north, south and central India. Omaxe has also entered into offshore realty development with acquisition of land in Dubai through a wholly owned subsidiary.