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Manjeera Constructions Ltd, which is into real estate and hospitality business, is diversifying by creating two new verticals — infrastructure and entertainment, the latter covering malls and multiplexes.
The 25-year-old Hyderabad realty company, which recently commissioned a five-star property in league with Sarovar Hotels group, its third hotel project, plans to develop at least two more hospitality properties over the next 24 months.
The Manjeera Group has constructions, hotels and resorts, retail holdings and estates as a part of the overall business portfolio.
The Chairman of Manjeera Constructions, Mr G.Yoganand, told Business Line, “after more than two decades of business it is time to consolidate and diversify into new business areas. We have the capability to address these areas including infrastructure and entertainment business through malls and multiplexes, as a part of expansion plans.”
The company has tied up with Cinepolis, one of the rapid growing multiplex chains for its marquee project in Kukatpally near the IT hub and plans to create a chain of similar malls and entertainment zones.
“We will have five screens to start with by middle of 2012. This venture has seen investments from FDI partner Trinity Capital owned by Kanan, a joint venture between US and German firms,” he said.
Manjeera is investing over Rs 600 crore in the Kukatpally mixed use venture.
“During the last four years, Manjeera had a compounded annual growth rate of about 50 per cent. Last fiscal ended March 31, 2011 Manjeera closed with revenues of Rs150 crore and expects to log a growth of about 50 per cent this year to close at Rs 225 crore. About 5 million sq.ft is under execution. These would add to volumes as we deliver them progressively,” he said.
May raise equity
Mr Yoganand said, “the market conditions are relatively subdued. If things get better we may consider increasing the equity and invite private equity investments at holding company level to sustain the growth momentum.”
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