The Hindu Business Line : Merlin looking to invest nearly Rs 1,000 cr outside Bengal

Kolkata April 27 The city-based real estate developer Merlin Group is planning to invest nearly Rs 1,000 crore over the next 18-24 months in the development of a combination of residential and commercial projects outside West Bengal, according to Mr Sushil Mohta, Managing Director, Merlin Group.

"We are looking at opportunities in cities like Gurgaon, Bhubaneswar and Chennai. We plan to invest nearly 1,000 crore over the next 18-24 months to develop real estate projects in these places," Mr Mohta told Business Line. "We will start with residential projects but would also look at developing mixed-use projects in these places," Mr Mohta said.

The investment will be funded by a combination of debt and equity. Currently, there are no plans for any private equity placements in the company, he added. Merlin Group has seven projects under construction in Raipur (Chattisgarh), Jaipur (Rajasthan) and Ahmedabad (Gujarat).

Mixed-use projects

In West Bengal, the company has earmarked Rs 1,500-2,000 crore investment to develop mixed-use projects over the next two years. It also has plans to foray into the hospitality segment, specially business and budget hotels, Mr Satyen Sanghvi, Director, Merlin Group, said.

The company has recently formed a joint venture with West Bengal Small Industries Development Corporation (WBSIDC) to set up industrial estates and logistic hubs in the State. The new company, Bengal Merlin Infrastructure Ltd, will set up industrial estates in and around Kolkata, including Siliguri, for the small-scale industries sector.

The Merlin Group already has public-private partnerships with West Bengal Housing Board (Bengal Merlin Housing Ltd) and Kolkata Metropolitan Development Authority.

More Stories on : Real Estate & Construction | West Bengal

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page