Our Bureau

Hyderabad, Dec 12

BHAGYANAGAR Metals Ltd informed the BSE today that the company has been shortlisted as the highest bidder for development of housing projects on a 52-acre plot in Visakhapatnam and another commercial-cum-residential deal at Kukatpally, Hyderabad.

The Vizag project is part of the tenders floated by the AP Housing Board and comes under the infrastructure initiative of the company. The company offered Rs 29 crore for the land.

The Kukatpally project envisages development of 35 acres wherein the bid amount is Rs 135 crore.

Bhagyanagar Metals had recently announced scheme of restructure of the company into infrastructure, metals, and telecom businesses. The demerger is subject to statutory approvals.

The company had bid for two projects in Vizag. In one of the projects located at Madhurawada, the company became the third bidder. For the other projects, it became the highest bidder ahead of NCC and Ramky. The project envisages development of a residential facility.

The company bid for this project along with a consortium partner Salarpuria Properties, a Bangalore-based developer.

With regard to the Kukatpally project, the bidding process is through Swiss challenge, it is learnt.

(This article was published in the Business Line print edition dated December 13, 2005)
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