Atlanta takes up infrastructural proj nationwide
Kolkata, Sept 01: Atlanta Limited, the Rs 200 Crores infrastructure development, mining and real estate developers, has decided to take over a number of open cast mines in the Eastern region with a view to intensifying its activities in the East and the Northeast.
This was announced here today by Atlanta Limited Managing Director Jajhoo Bbarot while talking to newsmen about his decision to enter the capital market with an IPO of 43 crores equity shares of Rs ten each with a price band of Rs 130 to Rs 150.
He said the company would invest at least Rs 495 crores for the construction of a 95 km long four way lane between Nagpur and Khondali of the National Highway number eight in Maharashtra besides constructing a number of other highways in Madhya Pradesh, Gujarat, Orissa and Rajasthan.
For the smooth execution of the projects Atlanta had recently joined hands with Kolkata based Srei Infrastructure Finance Limited with 78 and 26 per cent equity partnership and had set up a Special Purpose Vehicle in the name of Balaji Tollways Limited.
Regarding the company's exposure in the real estate business, Mr Bbarot said they had already completed three housing complexes near Mumbai and Nagpur at a cost more than Rs 300 crores. "We are also looking for suitable land to build similar housing complexes in several Eastern regional states like Orissa, Bihar and Jharkhand," he said.
About West Bengal, he said since there was number of other major players remaining very active, they had decided not to interfere at the present juncture.