BSEL, Unity Infra JV bags 156cr Pune contract

By Staff
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Google Oneindia News

New Delhi, Jan 4: BSEL Infrastructure Realty, in joint venture with Unity Infraprojects, today bagged a Rs 156 crore contract for developing hotel and commercial space at the Shivchhatrapati Sports Complex in Pune.

The project involves provision for 400 hotel rooms and commercial development of three lakh square feet area, of the allotted six acres land.

The joint venture will build, operate and manintain the hotel at Shivchhatrapati Sports Complex, Balewadi, on build-operate-transfer basis for the Third Commonwealth Youth Games 2008.

The project, to commence this month, is expected to 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 utilised this maxim in the Pune project as well,'' said BSEL Infrastructure Managing Director Dharmendra Raichura.

The project was awarded by the Executive Committee of the Third Commonwealth Youth Games 2008 and Maharashtra Sports and Youth Services Director.

The company has a number of other projects in the real estate space that will bolster its margins even better, he added.

The company posted a 591 per cent increase in its net profit to Rs 30.22 crore for the quarter ended December 31, 2006, 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 in Q3FY06.

UNI

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