Ansal to put Rs 500 cr in power biz | india | Hindustan Times
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Ansal to put Rs 500 cr in power biz

Delhi-based developer Ansal Properties and Infrastructure Ltd plans to invest Rs 500 crore in its power business in the next three to five years to supply power to its 19 upcoming townships.

india Updated: Jun 03, 2009 20:53 IST
Ruchi Hajela

Delhi-based developer Ansal Properties and Infrastructure Ltd plans to invest Rs 500 crore in its power business in the next three to five years to supply power to its 19 upcoming townships.

The company also has a long-term debt of Rs 1,000 crore.

“We will invest close to Rs 500 crore in our power business in the next three to five years,” said Pranav Ansal, vice chairman and managing director, Ansal API.

The developer will raise this amount through internal accruals.

The company will consider fund raising options like a qualified institutional placement, preferential allotment of shares or global depository receipt.

Ansal had last year announced its plans to set up IT special economic zones in Greater Noida and Gurgaon and has no plans to withdraw from these projects although it is not likely to start construction in the immediate future.

The company has also deferred plans to construct four shopping malls across Lucknow, Mohali, Ajmer and Meerut due to sloppy demand for commercial spaces, but is planning to launch sub Rs 20 lakh homes in Panipat and Kundli in Haryana.