The Indiabulls group has applied for telecom licences in 22 circles, becoming the latest corporate entity with interests in real estate to think of entering the telecom sector. The group feels that telecom has synergies with real estate as each individual home buyer or corporate client can be a potential customer. No further details were available on the Indiabulls application. A few weeks ago, Parasvnath Developers, another real estate major, had applied for telecom licences.
Meanwhile, the founders of Indiabulls, Sameer Gehlaut, Rajiv Rattan and Saurabh Mittal are making the second-biggest investment by a non-corporate promoter in India Inc's history to fund the group's budding retail plans. The three individuals, who started the Indiabulls group of companies in 2000 after quitting lucrative careers in the oil sector, are investing Rs 2,322 crore in Indiabulls Real Estate (IRE), the group's real estate venture. The investment is the second-biggest by a non-corporate promoter after Mukesh Ambani's proposal to invest Rs 17,000 crore in Reliance Industries. IRE will issue 4.3 crore warrants to promoters. After conversion, the promoter holding in the company will increase to 44% from the current 30.68%. LN Mittal, one of the investors in IRE, will see his stake drop to around 3%.
The net worth will increase to over Rs 6,000 crore, making it the second-biggest real estate company in terms of net worth after DLF. In August, the firm had raised Rs 450 crore through a similar warrants issue to promoters. Sameer Gehlaut will invest Rs 1,080 crore and pick up two crore warrants. Rajiv Rattan and Saurabh Mittal will buy one crore warrants each at Rs 540 crore. Narendra Gehlaut and Vipul Bansal, the joint managing directors, will invest Rs 108 crore and Rs 54 crore for allotment of 20 lakh and 10 lakh warrants, respectively.
Money from the infusion will be used to invest in the retail business, which is being launched sometime early next year. The company, under Indiabulls Wholesale Services, plans to set up about 30 hypermarkets across the country. These shops will span over 100,000 square feet and will sell goods only in bulk to consumers. Single-item sales will be discouraged. Bulk buyers will be given discounts.
The stores will come up in tier II and tier III cities such as Ahmedabad, Madurai, where consumers have space. The group is also in the process of setting up 500 MW power plant to feed its SEZs and industrial development.
The phase one plan will be restricted to 30 stores. The group believes the stores should do business worth Rs 75 lakh to Rs 1 crore everyday. IRE's real estate business is built around 4,000 acres it owns in several parts of the country. It is also developing the landmark, One Indiabulls Center, in Lower Parel at the location of the former Jupiter Mills. The group is also in the process of setting up 500 MW power plant to feed its SEZs and industrial development.
Meanwhile, the founders of Indiabulls, Sameer Gehlaut, Rajiv Rattan and Saurabh Mittal are making the second-biggest investment by a non-corporate promoter in India Inc's history to fund the group's budding retail plans. The three individuals, who started the Indiabulls group of companies in 2000 after quitting lucrative careers in the oil sector, are investing Rs 2,322 crore in Indiabulls Real Estate (IRE), the group's real estate venture. The investment is the second-biggest by a non-corporate promoter after Mukesh Ambani's proposal to invest Rs 17,000 crore in Reliance Industries. IRE will issue 4.3 crore warrants to promoters. After conversion, the promoter holding in the company will increase to 44% from the current 30.68%. LN Mittal, one of the investors in IRE, will see his stake drop to around 3%.
The net worth will increase to over Rs 6,000 crore, making it the second-biggest real estate company in terms of net worth after DLF. In August, the firm had raised Rs 450 crore through a similar warrants issue to promoters. Sameer Gehlaut will invest Rs 1,080 crore and pick up two crore warrants. Rajiv Rattan and Saurabh Mittal will buy one crore warrants each at Rs 540 crore. Narendra Gehlaut and Vipul Bansal, the joint managing directors, will invest Rs 108 crore and Rs 54 crore for allotment of 20 lakh and 10 lakh warrants, respectively.
Money from the infusion will be used to invest in the retail business, which is being launched sometime early next year. The company, under Indiabulls Wholesale Services, plans to set up about 30 hypermarkets across the country. These shops will span over 100,000 square feet and will sell goods only in bulk to consumers. Single-item sales will be discouraged. Bulk buyers will be given discounts.
The stores will come up in tier II and tier III cities such as Ahmedabad, Madurai, where consumers have space. The group is also in the process of setting up 500 MW power plant to feed its SEZs and industrial development.
The phase one plan will be restricted to 30 stores. The group believes the stores should do business worth Rs 75 lakh to Rs 1 crore everyday. IRE's real estate business is built around 4,000 acres it owns in several parts of the country. It is also developing the landmark, One Indiabulls Center, in Lower Parel at the location of the former Jupiter Mills. The group is also in the process of setting up 500 MW power plant to feed its SEZs and industrial development.
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