Financial Daily from THE HINDU group of publications
Thursday, Jan 26, 2006
Financial Daily from THE HINDU group of publications Thursday, Jan 26, 2006 |
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Industry & Economy
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Real Estate & Construction Nitesh Estates looking to expand outside Bangalore Our Bureau
Bangalore , Jan. 25 UNFOLDING plans to spread its brand outside Bangalore with major residential and commercial infrastructure projects, Nitesh Estates said it is expecting to finalise a fresh round of foreign direct investment to mop up $200 million in the next six to nine months. Last month, the company had finalised $100-million funding from Siachen Capital LLC, New York to finance its projects in Bangalore. It's negotiations with US and Israeli companies for projects funding are in an advanced stage. The FDI, along with its own resources, would aid Nitesh's expansion programme, which envisages an aggregate of nine million sq. ft. of space in Bangalore, Kolkata, Delhi and Goa. Currently, it is constructing three million sq. ft in Bangalore, which includes an IT park of two million sq. ft in Sarjapur area. Mr Nitesh Shetty, Managing Director, Nitesh Group, said at present, Nitesh Estates is developing three million sq. ft, which includes a 500- apartments complex in the IT hub of Whitefield, a club class offering at affordable price and exclusive luxury apartments and villa houses for high net worth individuals. Mr Shetty said with the corpus from the FDI and its own resources it would venture into major metros to build townships and multi-format projects of residential and commercial complexes. He said the Nitesh Group, which is in allied businesses of outdoor advertisement and infrastructure, is also toying with the idea of floating a joint venture with a Malaysian company for undertaking water and roads infrastructure projects. It also plans to enterthe healthcare sector as part of its expansion programme.
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