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SUNIL MANTRI LOOKS TO DEVELOP NEW MARKETS
20.05.2014 12:50

Sunil Mantri, CMD of Mantri Realty Ltd. has made plans to raise 1,000 crore rupees from private equity or PE funds this year as it  looks to develop new markets, as well as its 1,500- acre land bank. In June Mr Mantri  sold 0.65% stake for Rs 20 crore to HT Media Ltd. in April, Bennett, Coleman and Co. Ltd (BCCL) paid Rs 60 crore for a private stake in the firm. “This time, we are planning to raise funds strictly at project level and don’t want to go in for dilution of stake or funding at company level,” said Sunil Mantri, founder of the eponymous firm. “We have also been talking to different PE funds and will finalize the deal in some time.”

The fund-raising proposal has come at a time when real estate developers are desperately in need of finances in order to complete under-construction projects amidst recession that has dented real estate demand and value. PE funds are a support to many of these property firms, as they see a large amount of profit opportunities in the sector.

Mantri Realty is an eight year old company, and has around 10 million sq. ft under construction. It has a land bank of 1,500 acres spread over the country which it has acquired over the years.  “Currently, the master planning and land consolidation process is going on,” said Mantri. Sunil Mantri Realty plans to invest $100 million (Rs514 crore now) in the project in three phases over a period of eight years. The company has also bought three textile mills from Maharashtra State Textile Corp. Ltd for Rs 68 crore. It plans to make more purchases in the coming months.

The mills located in Nagpur, Solapur and Kolhapur, are planning to be converted into residential and commercial properties, even as a portion of it would be retained as a textile unit.

Sunil Mantri also plans to develop projects outside Bangalore in places like Hubli and Belgaum, where it has already acquired land. A 206- apartment project is coming up on Kanakpura Road in the technology capital, and more projects are underway.

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