The Hindu Business Line : MAN Industries plans to diversify into realty

Mumbai, June 16 MAN Industries India Ltd, part of the UK-based MAN Group and manufacturer of large diameter line pipes and coating systems, plans to diversify into the real estate sector.

The company’s subsidiary, MAN Infraprojects, will develop seven projects in Mumbai, Navi Mumbai and Indore with an investment of Rs 1,000 crore in the next three years. With a total built-up area of 10 million sq ft., the projects would be worth over Rs 4,000 crore, the company said.

“Our Group has vast experience in the real estate sector,” says Mr R.C. Mansukhani, Chairman, MAN Infraprojects Ltd. “We plan to partner with the best of brands to create outstanding value for our esteemed customers.”

Mr Nikhil Mansukhani, Director, said the focus would be on Mumbai, Navi Mumbai and Indore.

Phase I

In Phase I, MAN Infraprojects plans to develop three projects – two in Mumbai and one in Navi Mumbai with a total built-up area of over one million sq ft. In Mumbai, the company is planning two commercial projects in Bandra and Vile Parle.

In Navi Mumbai, it will develop a mixed-use township complete with a five-star hotel, an IT-cum-commercial centre besides a luxury residential block.

Work on the three projects will commence in the next few days, and would be completed in two years. The group is also negotiating for large tract of land for developing integrated satellite townships.

During 1982-1990, the MAN Group developed 50 projects in Mumbai and Indore.

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