Anant Raj Industries, an infrastructure development and construction firm that focuses on NCR, plans to invest $1 billion in IT SEZs and the hospitality sector.
To develop two townships in JV with foreign co
NEW DELHI: Anant Raj Industries, an infrastructure development and construction firm that focuses on the national capital region (NCR), plans to invest $1 billion in IT special economic zones (SEZs) and the hospitality sector, a top company official said.
The New Delhi-based developer also plans to develop two large townships (one of 50 acres and other of 30 acres) with a foreign joint venture (JV) partner. Investment for these two townships would be over and above the “$1 billion investment” lined up for the IT SEZ and the hospitality sector, it said.
“We would be investing $1 billion in IT and the hospitality sector in three years time,” Amit Sarin, director at Anant Raj, told DNA Money.
The NCR developer with a land bank of 980 acres said it would be entering two new states in central India. It did not divulge details about the project.“We estimate Anant Raj will need about Rs 4,500 crore of additional capital over the next three years. The company could fund a part of this requirement through internal accruals, and the rest through borrowings. We see no liquidity constraints that could jeopardise its execution pipeline,” an analyst with India Infoline said in a note to clients.
The analyst has a “buy” rating on the stock.
Anant Raj, which earns its revenue primarily from the rental incomes, said, as a policy, it would not opt for REIT listing to fund its projects. However, depending on the opportunities, it might consider the idea in the future.
“All our future plans are based on rental incomes which we would able to create, but if see an opportunity. We have an option to have some sales to REITs, but we want to grow with the lease income,” Sarin added.
Recently, Anant Raj raised about Rs 600 crore through a GDR issue. It intends to use the proceeds for its SEZs and hospitality projects.
Anant Raj has six IT SEZs in NCR of which three are at Manesar.
The company is involved in the development of IT parks SEZs, hospitality services, commercial, residential and service apartments, primarily in the NCR area.
vivek_s@dnaindia.net
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