Bhagyanagar forays into real estate

Bhagyanagar Metals Ltd (BML), a Hyderabad-based telecom products company, is diversifying into real estate and Infrastructure development activity.

The company has entered into an agreement for purchase of 25 acres of land at a cost of Rs 118 crore for development of IT park and housing township.

The site is located near Hitech City, which is the hub of activities for IT parks and housing townships.

The flagship company of Surana group is also in the process of getting construction contacts for IT parks. The current clients of the group include Microsoft India (R&D) Pvt Ltd, Oracle Software (India) Ltd, Motorola India, Fusion Cybertech Pvt Ltd, Matisse Network (India) Ltd, Patni Telecom Solutions Pvt Ltd, and D E Shaw.

The company has also initiated a housing project on 52 acres of land in Visakhapatnam along with Salarpuria of Bangalore. The company proposes to change its name to Bhagyanagar India Ltd so as to represent its diversified activities.

According to BML managing director Narendra Surana, the company has already started executing a housing project in Medchal near Hyderabad and 1.2 lakh square feet IT park near the Indian School of Business here.

The Andhra Pradesh Industrial Infrastructure Corporation has allotted 2.5 acres of land for BML in the Electronic Development Park on the Srisailam highway for development.

Surana told Business Standard that the company's board had approved investments to the tune of Rs 300 crore in the real estate activity.

It would be bidding for projects proposed by the Hyderabad Urban Development Authority adjacent to the outer ring road of the city.