MICL Group’s associate company to redevelop 10 acre project in Mumbai, ET RealEstate
NEW DELHI: Royal Netra Constructions (RNCPL), an associate company of Man Infraconstruction (MICL Group), plans to redevelop a project in western suburbs of Mumbai having potential to generate revenue of Rs. 4,000 crore in the next five years, the company said in a BSE filing.
Manan P. Shah, managing director of the company said, “The aforementioned project is spread over a 10 acre land parcel which will witness one of the largest redevelopments in the Mumbai market.”
The project has potential to offer carpet area for sale of 1.7 million sq. ft. area and a total construction area of over 50 lakh sq. ft. It is expected to be completed within 5 to 6 years.
“This acquisition is aligned with our asset-light strategy and will strengthen our financial position in the years to
come,” said Shah.
This latest addition will expand MICL Group’s real estate portfolio from 4.6 million sq. ft. to 6.3 million sq. ft. of carpet area.
In a recent regulatory filing, the company had informed that RNCPL has allotted 5,00,000 equity shares of Rs 100 each to the company as provided in the scheme of amalgamation of Platinumcorp Affordable Builders (PABPL) with RNCPL.
Further, the company pursuant to share purchase agreement has also agreed to acquire 6,239 equity shares of RNCPL from the existing shareholders of RNCPL (representing 0.41 % of the paid up equity share capital of RNCPL post the amalgamation becoming effective) for a consideration of Rs 2,600 per equity share.
In view of the above, PABPL ceased to be the associate of the company and RNCPL became associate of the company with effect from August 24, 2023, wherein company holds 33.32% of the paid up equity share capital of RNCPL.
RNCPL is engaged in the business of real estate development with specific concentration on redevelopment under the SRA project at Goregaon West.
