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| Tatas to invest Rs 20,000 cr in core sector projects |
| BS Reporter / Mumbai May 28, 2009, 00:31 IST |
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Tata Realty and Infrastructure (TRIL), a closely-held unit of Tata Sons, plans to invest Rs 20,000 crore to build special economic zones, roads, ports and other core sector projects in the next three years to take advantage of a stable political environment and revival in the economy, a top company official said.
TRIL is planning to raise a Rs 4,770 crore international infrastructure fund by the end of the year to invest in its infrastructure projects. Tata Housing Development Company, another unit of Tata Sons, recently launched a low-cost housing project in Mumbai and has plans for similar projects in other parts of the country.
“There is a fundamental change in the country, and housing and infrastructure are clear focus areas now. With a full mandate, government can back these projects to turn around the economy,” said R K Krishna Kumar, chairman of TRIL and THDC and director of Tata Sons.
Tata Realty has already raised a Rs 3,500-crore offshore fund for investing in its real estate projects, 20 per cent of which is deployed. The other 80 per cent will be used in the next three years.
The company plans to invest nearly Rs 5,000 cr in property development, including three SEZs in Chennai, Ahmedabad and Pune and a city-centre project in Amritsar in the next three years. TRIL is planning IT SEZs in eight locations, in which group company Tata Consultancy Services (TCS) will be the anchor tenant. It is also planning to develop an SEZ at Gopalpur in Orissa, in association with Tata Steel.
TRIL is foraying into roads and highways, with the four-laning of the Rs 1,400 cr Pune-Solapur highway and plans to invest Rs 5,000 cr to develop three to four road projects in the next couple of years, said Sanjay G Ubale, managing director and chief executive officer of TRIL. TRIL recently signed for the Pune-Solapur project in partnership with Italian infrastructure major, Atlantia, on May 19.
“We are also evaluating projects in metro railway and mono rail projects and development of bus terminals. Though these are long-gestation projects, it makes sense to enter into new areas, as commodity prices are low and you get companies to execute more easily now,’’ said Ubale.
The company has bid for the second phase of the Mumbai Metro project with its partner Mitsubishi and is planning to bid for other metro train projects in the country, he said.
The company has bid for Amritsar and Udaipur projects in partnership with Singapore-based Changi Airports and plans to bid for Navi Mumbai and Nagpur airports when these come up for bidding, Ubale said. TRIL has also given its proposal for the development of Sindhudurg airport in Maharashtra.
TRIL is also bidding, for the second time, for development of Navi Mumbai railway stations, as the railway ministry has invited rebids. TRIl was the second highest bidder in the first instance. It is developing New Delhi Railway Station with Italy’s Grandi Stazioni.
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