Radiance Realty lines up new projects

Projects will be executed in 4-5 years and for now will be funded through internal accruals

Radiance Realty has lined up residential projects worth around $1 billion to be executed in the next 4-5 years.  These projects will be funded through internal accruals, said its managing director Varun Manian.

The company was set up by the Manian family post selling its 64-years-old construction company NAPC to Vinci, a euro 35 billion French construction major. While KS Manian continues to be chairman of NAPC, Varun Manian, his son, entered the real estate business.

“We have the money now, post the deal with Vinci. From March 2014, we will also look at roping in PE investors,” he said.

So far, Radiance had infused around Rs 650 crore as equity and would invest another Rs 200 crore, he added.The company might look at the initial public offering after 2014. The two-year-old firm has is in the process of constructing 2.7 million sft and has projects of around 4 million sft in the pipeline.

The group is also planning to venture into renewable energy by setting up solar farms of less than 10 Mw in Tamil Nadu and Gujarat.