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| Coromandel Engg to foray into infra |
| TE Narasimhan / Chennai Aug 21, 2009, 00:35 IST |
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Plans to take up construction of metro rail, roads and ports among others
Coromandel Engineering Company Ltd (CECL), part of the $3 billion Murugappa group, is in talks with foreign and domestic infrastructure companies for its proposed foray into the infrastructure construction space.
The company, which has been into residential and commercial constructions for the last 60 years, is now “looking at the infrastructure space like construction of metro rail, roads and ports,” chief executive officer KE Ranganathan told Business Standard.
“These projects will be taken up along with a joint venture partner. We are currently in discussions with domestic and international players, who are operating in the space,” said GV Kumar, senior vice-president, CECL.
Ranganathan said the company had set a target to achieve a turnover of Rs 500 crore by 2012-13, of which 50 per cent would be from real estate while the remaining would come from commercial projects especially power, sugar and cement.
CECL has built over 30 apartment complexes under the brand 'Coral' in Chennai and has lined up three more at Boat Club, Pallikaraniai and in Kotturpuram in the city.
This apart, projects worth Rs 350 crore are in the pipeline for execution over the next four years, he said adding the company had orders worth Rs 200 crore on a contract construction basis for various corporates in cement, power, educational and hotel sectors.
Kumar said the company was focusing on Tier II cities and has identified properties in Tiruchi, Madurai and Tirunelveli in Tamil Nadu and Mysore in Karnataka. It is in the process of developing five projects with 1,000 apartments in Coimbatore targeting the middle and upper middle class. The total value of Coimbatore projects is around Rs 300 crore.
Going forward the company would raise money through equity, QIP and from banks, Ranganathan said.
The company, which is currently listed on the Madras Stock Exchange is also planning to list on the Bombay Stock Exchange.
CECL employs 350 people and would add 150 engineers by 2012-13. It registered a turnover of Rs 100 crore as on March 31, 2009.
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