Bio-IT Park coming up in Vaddodara

January 22, 2007	(Be the first to rate this story!)  Loading ...
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Mumbai based real estate developer Akurti Nirman Ltd. is coming up with a Bio tech Park in Savli, Vaddodara. Spread over 708 acres of land and being set up at an investment of a whopping amount, the park will largely focus on organic and agri-products.

Holding 66% equity stake in the concerned project, Akruti Nirman spearheads Chatterjee Group as well as the Gujarat government, each of them which hold 23% and 11% respectively. As per the information provided by the industry sources, this famous real estate player is seeking contribution from different companies to set up facilities at the park.

Akruti Nirman raised over Rs 3.18 billion with the issue of 6.7 million shares as a step to seek the funds to grow and expand its horizons. The cost of each share ranged in between Rs. 475 to Rs. 540. On the second day of the issue, the public offer of shares has been oversubscribed.

The company will use the proceedings to fund different activities including land acquisition or construction costs of various projects to the tune of Rs.1.25 billion.

Akruti Nirman is one of the renowned property developers of Mumbai. The company is primarily into construction business, under the Slum Rehabilitation Scheme (SRS) initiated by the Maharashtra government.

News Published Under:   Real Estate Developers |

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