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Thursday, September 21, 2006

JMD Promoters eyes IPO route for expansion

Real Estate player JMD Promoters is planning to come out with an initial public offering, IPO to fund its construction activities across the country. The company is developing a range of properties that it would be constructing in different parts of the country, including an IT park in Goa, reports The Hindu Business Line.

"We are in the process of consolidating our company since each of our projects is handled by a different company in the group. We expect to come out with an IPO in about six months," said Ramneet Trehan, vice-president, marketing, JMD Promoters.

The consolidation of the group companies would be in place in about two to three months, he added.

The IT Park being developed by the company in Goa will be spread over an area of 50 acres. "We are currently in the process of designing the park. The development will start in a couple of months," said Trehan. The 30-lakh sq ft constructed part of the park will be given out to gaming, software developing and hardware producing firms. The total investment in this project will be in the Rs 300-400 crore range.

Housing projects

The company, which recently forayed into the development of residential properties, has two housing projects on the cards, one each at Panipat and Jaipur. The project in Panipat will be spread over an area of 20 acres. Around 1,000 apartments each of 2,000 sq ft will be constructed in about three years. "The apartments will cater to the growth of both Panipat and Karnal. We are awaiting the licenses and construction should start in a few months," said Trehan.

In Jaipur, the company is developing about 800-1000 apartments in 17 acres of land. The apartments being developed by JMD in both the cities will have clubbing and other modern facilities. Each of the housing projects would require an investment of Rs 300 crore.

Other properties being developed by JMD include a corporate complex in Gurgaon with retail space on the ground floor and office space on the next five floors. It entails an investment of Rs 50-60 crore (Rs 500-600 million).

Also on the anvil are two malls in Gurgaon that are slated to be complete in eight to nine months. The company plans to fund the projects from internal accruals, loans and also foreign direct investment.

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