Anil Nanda, who on Tuesday decided to sell his controlling stake of 24.64 per cent equity in automobile component company Goetze India to Federal Mogul Holding of the US for Rs 138 crore, plans to use the money to realise his real estate ambition.
Nanda is the main promoter holding 75.5 per cent equity in Akme Projects, a two-and-a-half-year-old real estate developer.
Akme already has eight projects underway in Bangalore alone, of which two residential properties totaling 770 apartments have been sold out, says Nanda. The work in progress includes a combination of residential and commercial development as well as a boutique hotel.
This is just the beginning, says Nanda. "We would be closing 2005-06 with a turnover of Rs 200 crore and the figure could go up to Rs 800 crore in the current financial year," he said.
Two townships are also underway in Ludhiana, Punjab. Akme may also develop a township near Thane, Maharashtra, for which due diligence work is underway.
Akme, recently concluded a deal to work with Ireland's Cathedral Financial Consultants, which will see the formation of a special purpose vehicle that will develop more properties across the country.
This was also the first tranche of foreign direct investment flowing into India's real estate sector. The two joint venture partners, each holds 50 per cent of the equity, will invest close to Rs 550 crore.
The presence of Akme along with its joint venture partner is expected to be stretched to other states like Orissa and Rajasthan in the coming months.
Nanda says he is counting on B L Kashyap & Sons, his partner in Akme, to help give shape to his real estate dreams. B L Kashyap & Sons is a property developer in the South India.
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