BSEL Infrastructure bags Rs 156 crore Pune hotel project in JV

Mumbai, Jan 4 (UNI) BSEL Infrastructure Realty, in a joint venture with Unity Infraprojects, has bagged a Rs 156 crore contract for developing hotel and commercial space at the Shiv Chhatrapati Sports Complex in Pune.

The first hotel project for BSEL envisages provision for 400 hotel rooms and commercial development of 3 lakh square feet area, while the land allotted to the JV is 6 acres, said a BSEL press release.

The project is expected to commence in January 2007 and will be complete within 16 months.

''The Pune project marks our foray into the hotel space. The key behind our excellent financial performance is the acquisition of prime property at low cost and we have utilized this maxim in the Pune project as well,'' BSEL Infrastructure managing director Dharmendra Raichura said in the release.

BSEL Infrastructure Realty net profit for the quarter ended December 31, 2006 saw a huge rise of 591 per cent year on year, to Rs 30.22 crore from Rs 4.37 crore for the corresponding period last year. Income from operations for the quarter also climbed 327 per cent year on year, to Rs 33.71 crore from Rs 7.88 crore for Q3FY06.

Basic and diluted EPS stood at Rs 5.09 per share, up from Rs 1.20 for the corresponding period last year.

UNI