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Our Bureau

Chennai , May 24

Marg Constructions Ltd plans to raise $12.5 million through issue of foreign currency convertible bonds to fund its Karaikal Port project and the Riverside Mall project in Karapakkam on the Old Mahabalipuram Road.

Mr G.R.K. Reddy, Managing Director, Marg Constructions Ltd, said that the Karaikal Port project has received clearance from the Environment Ministry. The land for the construction and development of the port is on lease from the Pondicherry Government.

The company has signed a memorandum of understanding with Oakwood Asia Pacific for 175 serviced apartments at Siruseri. Marg Constructions has also signed a joint venture agreement with HUDCO for a special purpose vehicle (SPV), Signa Infrastructure India Ltd, to bid for infrastructure projects like fishing harbours and projects under the Jawaharlal Nehru Urban Renewal Mission. Mr Reddy said that 74 per cent of the SPV equity would be held by Marg Constructions and the rest by HUDCO.

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