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Global Infrastructure & Technologies Ltd.

BSE: 523794 Sector: Infrastructure
BSE 05:30 | 01 Jan Global Infrastructure & Technologies Ltd
NSE 05:30 | 01 Jan Global Infrastructure & Technologies Ltd

Global Infrastructure & Technologies Ltd. (MANTRIHSG) - Company History

Global Infrastructure & Technologies Ltd., formerly known as Mantri Housing & Infrastructure Construction Ltd is a Pune-based Mantri group consists of several partnership firms in the real estate business. In its five years of existence, the group completed eighteen projects (total built-up area : 6 lac sq ft). To bring the activities of various partnership firms under a joint management, the group set up Mantri Housing & Constructions (MHCL). The main object of the company is to carry on the business of real estate, promote schemes, for residential or commercial apartments, purchase and sale of land, land development and layout schemes. The company has completed over 1100 tenaments (built-up area : 6 lac sq ft). Further, 2138 tenaments are under construction. The company concentrates mainly on townships for the middle and upper middle classes. In Jan.'93, it came out with a public issue at par to part-finance its working capital requirements. The group enjoys the patronage of corporate customers like Kalyani Steel, SAIL, Chloride Industries, Parle Products, Madura Coats, Central Bank of India, Bank of Baroda, Punjab National Bank, Kesoram Industries, etc. The company has successfully completed the first phase of The housing scheme for the Maharashtra police. MHCL has undertaken seven projects in Pune and Bangalore , consisting of 139 buildings accommodating 2607 units. These projects, costing over Rs 65 cr, will be complete by 1997.It has also participated in a real-estate exhibition in Hong Kong to cater to the NRI demand. The company has set up Mantri Infrastructure, a 100% subsidiary, which will undertake contract work for large infrastructure projects like roads, bridges and dams. During the year 1996 company participated in exhibition held in Dubai, and was second largest in respect of number of units sold by the participants. The name of the company was changed to Global Infrastructure & Technologies Ltd in the year June'2000. During the year under review i.e. 1999-2000, the company started manufacturing of Reinforced Concrete Cement Bricks & Blocks, Metal and Iron Steel products/structures for its own consumption as well as outside. Due to continued recession, the company incurred heavy losses resulting in erosion of 50% or more of its peak networth immediately preceeding four financial years and hence the company is taking neccessary steps for filing reference to the BIFR under SICA, in the year 1999-2000.