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| Ackruti City says capex of Rs 600 cr over next 1 year |
| Press Trust of India / Mumbai Dec 25, 2009, 17:03 IST |
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Realty major Ackruti City Ltd, has lined up a capital expenditure plan of Rs 600 crore over the next one-year, a top company official said.
"We have a capex of Rs 600 crore over the next one-year for implementing our various projects," Ackruti City Limited's Chairman, Hemant Shah, told PTI here today.
More than 50 projects are currently under implementation in different stages, Shah said. "Of these, 70 per cent are residential complexes," he added.
The company's CFO, Bharat Mody, said the company has raised Rs 1,000 crore over a period of time from banks and financial institutions to fund its projects and other on-going requirements.
"We have raised Rs 1,000 crore till date to fund our various projects under implementation and for other requirements," Mody said.
Ackruti City plans to launch 3-4 new projects, all residential, very soon, he said.
Asked if the company was looking at private equity funding, Mody said that the company was open to the option at the SPV level.
"If the valuations are right and it is beneficial to us, we will go for PE funding," he said.
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