Page 10 - Oberoi Realty

Oberoi Realty shelves plans to float mall JV

Mumbai, 3 AugustMumbai-based Oberoi Realty has put off its plans to float a joint venture with private equity investors for its upcoming malls. It plans to use its internal cashflows and debt to invest in its upcoming malls instead.The company was in talks with investors, such as US-based Morgan Stanley, Singapore's GIC and others, to float a joint venture, which was to have a corpus of ~1,000 crore. Oberoi Realty was expected to hold about 75 per cent. When asked, Vikas Oberoi, chairman and managing director, said the company had enough cashflows to invest in its projects and, hence, did not need to go for external funding.Oberoi Realty had a debt of ~838 crore and cash and bank balance of ~352 crore as on March 31, 2017. "They can get debt at 7-8 per cent. Why to dilute equity and share rental income," said a source.According to sources, Oberoi is planning to build malls in Mumbai's Worli and Borivali areas. It already has an operational mall at Goregaon. "The company has plans to ..

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