You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Man Infraconstruction subsidary to develop residential project in Tardeo, Mumbai

Capital Market 

The subsidiary of Man Infraconstruction, MICL Properties LLP, holding 99.99% partnership interest, will jointly develop a residential high rise tower at Tardeo, next to Bhatia Hospital, Mumbai under asset-light Development Management model.

This project addition will establish Man Infraconstruction's presence in south Mumbai (Maharashtra). The project will have a carpet area for sale of 6 lakh sq. ft. and is expected to generate approx. Rs 3,000 crore over the next 4 to 5 years. This landmark project will be one of the tallest residential structures in India having proposed height of 250+ mtrs. Apart from managing the design, sales and marketing of the project, the company will also execute the construction work leading to timely delivery of the project.

On a consolidated basis, Man Infraconstruction reported a net profit of Rs 172.19 crore in Q2 FY22 as compared to a net loss of Rs 0.39 crore in Q2 FY21. Net sales surged 480.20% to Rs 247.34 crore in Q2 FY22 over Q2 FY21.

Shares of Man Infraconstruction skid 3.32% to Rs 90.25 on BSE. Man Infraconstruction undertakes various infrastructure projects like port infrastructure, residential constructions, commercial & institutional constructions, industrial constructions and road constructions.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, November 29 2021. 10:19 IST