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| Marg enters Sri Lanka |
| TE Narasimhan / Chennai Oct 30, 2009, 00:21 IST |
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To develop affordable housing project in Colombo
Chennai-based infrastructure and real estate development company Marg Ltd has entered the Sri Lankan market as part of its international foray.
Speaking to Business Standard, GRK Reddy, chairman and managing director, Marg Ltd, said the company had signed a memorandum of understanding with the Ministry of Urban Development and Sacred Area Development of Sri Lanka for constructing affordable dwelling units in Colombo. The company would develop 500 dwelling units at Dmatogoda. The project is being promoted by the Sri Lankan government with assistance from the Asia Development Bank and World Bank.
“This would be a good export opportunity for the company and also be a part of our foray into international markets. The company’s next target would be Maldives,” he said.
In Maldives, Marg is looking at developing tourist township projects. “Our business development team is studying the market,” said Reddy.
For the Sri Lanka project, it would float a new company, which will be a 100 per cent subsidiary of Marg Ltd. The initial capital would be around Rs 5 crore.
Marg executive director B Bhushan said the Colombo project was coming up on nine acres and construction work would start in January 2010. The development cost would be around Rs 50 crore. The company is looking at around 20 per cent return on investment.
Marg reported a net profit of Rs 20.07 crore during the quarter ended September 30, 2009, as compared with Rs 10.62 crore during the same period last year. Total income during the quarter was up to Rs 205.82 crore from Rs 90.88 crore.
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