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V. Rishi Kumar

"We expect to invest about Rs 150 crore in all these properties, which would be addressed through the demerged infrastructure company," said the Managing Director, Mr Narender Surana.

Hyderabad , July 18

BHAGYANAGAR Metals Ltd, the flagship company of the Hyderabad-based Surana group, plans to invest Rs 150 crore in infrastructure projects through its demerged entity Bhagyanagar Infrastructure Ltd.

The company has managed to become the successful bidder for 3 acres of HMT Ltd land at Jalahalli in Bangalore, close to the airport, and for NTC's 4.5-acre land of Jyothi Weaving Mills at Patipukur in Kolkata.

The company is set to acquire the Bangalore land for Rs 10 crore and the Kolkata mill land for Rs 13 crore.

The Managing Director of Bhagyanagar Metals Ltd, Mr Narender Surana, told Business Line, "We successfully bid for these two properties but missed out on another property of HMT, which was acquired by its own employees, with the difference being pretty narrow."

"This development is a significant step in the group's effort to foray into infrastructure projects. Having recently roped in a strategic investor in Mr Satpal Khattar of Khattar Holdings, based in Singapore, together we expect to address infrastructure projects. Mr Khattar, who is also the Chairman of Guoco Land Ltd, formerly known as First Capital Corporation Ltd, brings in both deep understanding of the sector and financial muscle," Mr Surana said.

Along with these two sites, which have come through the bidding process, the group's own land of 12 acres located at Uppal in Hyderabad near GE facility, forms a formidable land holding for infrastructure projects.

While the Uppal property would be developed into a one million square feet infrastructure project for IT companies, the two sites in Bangalore and Kolkata would be earmarked to take up housing projects, which would mean development of another 800,000 sq. ft of residential space.

"We expect to invest about Rs 150 crore in all these properties, which would be addressed through the demerged infrastructure company. As a part of the expansion strategy, we are part-funding this through a preferential offer, which would help raise about Rs 15 crore. Later, with the help of strategic partners and possibly debt, fund the new projects," Mr Surana said.

Bhagyangar Metals is principally engaged in the manufacture and assembly of telecom products. It has recently announced plans to foray into infrastructure.

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Bhagyanagar Metals plans Rs 150-cr investment in infrastructure projects — Set to scquire HMT, NTC lands

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