BML eyes IT parks, realty, to push topline by 50 per cent

Hyderabad, Aug 1 (UNI) Shifting focus to IT parks and real estate, Bhagyanagar Metals Limited (BML) today announced it will raise Rs 100 crore in debt to fund its new projects and raise revenue by 50 per cent this year.

The company which is in the process of changing its name to Bhagyanagar India Limited after its AGM on August seven, has also initiated the process for issue of Foreign Currency Convertible Bonds (FCCB) worth 50 million USD, BML Managing Director Narender Swrana told the media here today.

Over the next three years, BML plans to invest Rs 380 crore in building a residential complex on a 52 acre plot at Visakhapatnam even while it mulls development of 1.1 million sq ft of IT Parks and residential accommodation at an investment of over Rs 300 crore at Uppal in Ranga Reddy District.

The company hopes to purchase 64000 sq ft of office space at Gachibowli at an investment of Rs 390 crore.

BML posted a net profit of Rs.759.76 lakh from an income of Rs 5675.89 lakh in the first quarter of the current year. It hoped to improve its topline and bottamline by 30 to 50 per cent with its new initiatives in real estate and infrastructure sectors.

Its foray into real estate will generate at least 60 per cent of the revenue in the coming years, he added.

BML had already forayed into wind power generation and will double the capacity of its plant to ten MW at Kapatigudda in Karnataka, he added.

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