Media Video hives off realty arm to MVL Ltd

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New Delhi, Sep 18 (UNI) Media Video Ltd today said it will demerge its realty arm to form a new company 'MVL Ltd'.

Meanwhile, it will merge its wholly-owned subsidiary company and five other companies with MVL Ltd.

The shareholders of the parent company, Media Video Ltd, will be allotted shares in MVL Ltd, slated to be listed with NSE and BSE by next month, said Chairman and Managing Director Prem Adip Rishi.

He said the move would unlock tremendous value for all shareholders, as they could now participate directly in both consumer electronics as well as real estate businesses.

With the restructuring, the newly formed MVL Ltd will now hold projects worth Rs 4,000 crore and will be completing projects worth Rs 8,000 crore by 2012.

Mr Rishi said, ''MVL Ltd is now gearing to launch projects across eight states and 11 cities and would include a mix of premium residential projects townships and low-cost housing projects as well as IT parks and commercial spaces.'' The company has three affordable housing projects under development which will provide housing in the range of Rs 20-25 lakh. It also plans to construct houses below the Rs 20 lakh range in the B and C segment cities.

The company has identified various locations in Bawal, Mohali, Gaziabad, Baddi, Bhuveneshwar, Hyderabad and Chennai for projects in various segments and is working towards the launch of the same in six-to-eight months.

In housing sector, the company will develop 24 million square feet of area in the next five years.

Earlier, the real estate division of the parent company Media Video Ltd had announced development of a township project in Yamunanagar, Haryana with an estimated revenue of Rs 606 crore.

The company had also announced the development of its two IT parks in Gurgaon. The company is also engaged in two housing projects in Bhiwadi with total area of 25 million square feet, which are already under construction.

UNI

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