Mennen's ambitious plans
By Venkatachari Jagannathan | 30 Oct 2003
Earlier Konkan Railway Corporation had got the green signal to implement the Rs 350-crore metro skybus project in Goa linking Panaji, the state capital, and Mapusa (12 kms).
"We will showcase our project in our own land in Goa. The successful operation of the pilot will give the state governments confidence about our technology," says Menon.
The 2.5-km aerobus line will be built within the group's own land and will be thrown open to tourists. "The total project cost will be around Rs 65 crore and will break even in five years' time," he adds.
According to him, the technology will be supplied by the US Aerobus International. "The US company will also take some equity stakes in the proposed company. But we will be holding the majority stake."
Unlike the Konkan Railway's skybus project, there will not be any concrete structure in the aerobus project. Simply put, the electric powered aerobus / carriage rolls on rubber wheels over steel cables and is supported by pylons. Most of the components will be imported for the pilot project. "High-quality steel will be imported from Japan, machines from Germany and the wagon from the US," says Menon.
According to him, finance mobilisation will not pose any problem as there are foreign investors and other lines of credit available. In fact, the group's flagship company, Mennen Financial Services, mobilises over Rs 10,000 crore for various state governments and state entities.
The Mumbai-based group is branching out to other states, too. "Many big projects are coming up in the southern states and the governments will be requiring more funds. And it is here that Mennen Financial Services has good potential." The company will soon open a regional office in Tamil Nadu.
The group is also getting into construction (Mennen Infrastructure Development Company), hotels (Mennen Hotels & Resorts), and infotech {Mennen Infotech (India). All the investments will be in Goa where the group has acquired around 100 acres.
According to Menon a 275-room five-star hotel and an ultra model amphitheatre are being planned in addition to the aerobus project. The project will come up in three phases and the first phase will be the amphitheatre where specialised entertainment shows will be held. The amphitheatre will have the latest musical fountains. The second phase will be the hotel.
Mennen Infrastructure is negotiating civil construction projects while the infotech company will focus on the back-office jobs involved in the financial services sector.
