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Uppal Looks beyond Delhi Real Estate
Friday, September 14, 2007

Delhi based Uppal Housing Ltd has announced its plans to invest Rs.1,500 crore in realty projects in Mumbai, Pune, Hyderabad and Tier II cities.

Uppal would be raising funds through private equity investments and possibly an IPO.

Through Special Purpose Vehicles, shareholders are being inducted to execute specific projects, as in the case of the tie-up with the Luxor Group in June to develop a Special Economic Zone over 67 acres in Gurgaon.

Trinity Capital invested Rs.300 crore in the venture when Uppal diluted its stake in the project. Uppal is engaged in talks with foreign investors to develop another multi-service SEZ in Gurgaon from December 2007, which will require an investment of Rs.5, 000 crore.

The company will follow the practice of diluting its stock in the SPV for the purpose. Uppal is pursuing its SEZ plans with 3 more projects, for which land has already been purchased.

Its portfolio also includes 5 malls and 3 malls in the Delhi-NCR region.

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