« Greenfield Airports: High ‘Airport Service Fee’ | Home | Oracle Acquires BEA Systems For $8.5 Billion »
Patel Engineering Ltd To Value Its Land Bank
Posted by Pradeep Sadanapalli | January 17, 2008 | 1,303 views
(No Ratings Yet)
Loading ...
Patel Engineering (PEL), a Mumbai-based construction major, has roped in global real estate advisor DTZ to value its land bank across the country ahead of a proposed sale of part equity to private equity players in its recently floated wholly-owned subsidiary — Patel Realities India (PRIL).
The company has a land bank of around 1,000 acres in Mumbai, Bangalore and Hyderabad. DTZ is one of the ‘big four’ global real estate advisors operating across Europe, Middle East and Africa (EMEA), Asia Pacific and the Americas.
PEL managing director Rupen Patel said the board of director’s has taken a strategic decision to increase shareholders’ wealth by monetising the land bank. “We are looking at the option of funding some of these projects through private equity at project execution level,” he said. “Unlike other real estate companies, the entire land bank is owned by us with clear title and historic value in our books,” he added.
Recently, PEL had announced its plans to develop the first phase of its real estate business. It intends to develop around 12% of its total land bank in Mumbai, Bangalore and Hyderabad. According to analysts, the revenue from this phase of development is estimated at Rs 4,800-5,000 crore. Once the complete land bank is developed, its revenues could exceed Rs 22,000 crore.
About Patel Engineering Ltd:
Patel was incorporated in 1949 by 4 young entrepreneurs, with a vision of catering to infrastructural needs of a growing nation. Patel Engg has now attained a global presence and recognition.
Patel Engineering Ltd is an ISO 9001 certified company listed on Bombay Stock Exchange. It has carved a reputation as one of India’s premier Civil Engineering construction companies. It has over 200 projects around the world to its credit, with a specialization in construction of Power House, Dams, Tunnels, Steel and Concrete structures, Bridges, Marine Works, Flyovers and Highways.
Patel Engineering is a recognized leader in underground construction of Tunnels and Caverns of different shapes, sizes in various ecological and geological formations.
SOURCES:
Economic Times
Topics: Business News, Real Estate |
Comments
You must be logged in to post a comment.