The Hindu Business Line : IDEB Projects gets $32-m pvt equity funding from US

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Bangalore Feb. 15 IDEB Projects Pvt Ltd, a Bangalore-based engineering construction and property development company, has received $32-million (about Rs 150 crore) private equity funding from the US-based Samsara Capital LLc, as part of its plans to scale up its business.

According to Mr Harkirat Singh Bedi, Managing Director, IDEB Projects, the company would use the investment to create a land bank, among other things. PricewaterhouseCoopers Pvt Ltd is the sole financial advisor on the private equity transaction.

Currently, the company has a construction business order book in excess of Rs 1,100 crore, and is developing over eight million sq ft of real estate projects across the country. IDEB is expected to achieve consolidated revenues of Rs 550 crore for 2006-07, up from Rs 400 crore in 2005-06, Mr Bedi said.

"We expect to cross over Rs 800 crore next year, and are looking at a potential IPO in 2008-09," he added.

He said that the company has invested Rs 400 crore in developing malls in Bangalore, Mysore and Chandigarh; Rs 600 crore in residential projects in Bangalore, Pune, Goa and Jaipur; Rs 280 crore in hospitality infrastructure projects in Bangalore, Mysore, Pune, Chandigarh, Dehra Dun and Kolkata; and Rs 275 crore in IT parks.

These projects are in various stages of implementation.

Mr Bedi said that the Shanghai Urban Construction Group (SUCG), with which IDEB has entered into an agreement to take up large infrastructure projects in India, is one of the 18 pre-qualified bidders for the 9,000-acre satellite township project in Bidadi, Karnataka.

According to him, seven foreign companies including SUCG are bidding for the project.

Some of its upcoming infrastructure projects include an IT Park in Dehra Dun — a joint venture with the Government of Uttaranchal (through Sate Industrial Development Corporation), the Rs 165-crore design and build contract for Delhi Metro for an elevated viaduct of length 4.555 km and five elevated stations for Phase II of Delhi Mass Rapid Transport System in joint venture with Shanghai Urban Construction Group (SUCG), and the 55.7-km Patiala-Malerkotla road project on BOT concession basis, awarded by the Government of Punjab.

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