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Moneycontrol.com >> Message Board >> View Messages >> HDIL
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HDIL floats oil and gas exploration subsi (1)   22-Jul-08 07:35Tracked by (0)  
Posted by:   latikav on ( 22-Jul-08 07:35 )
Price : BSE: Rs 465.00 ( 7.80 % ), NSE: Rs. 465.45 ( 7.74 % )
HDIL floats oil and gas exploration subsidiary-------- Housing Development and Infrastructure Ltd (HDIL), the country’s third-largest real estate company according to market capitalisation, has finally floated its subsidiary that will take care of its oil and gas exploration business.

The subsidiary, HDIL Oil & Gas Pvt Ltd, was incorporated on March 8, 2008 and the parent holds a 51% stake in it.

When asked about the remaining 49% stake in the oil & gas exploration firm, Sarang Wadhawan, managing director, HDIL, declined to name the company. However, industry experts say the remaining stake is with an international firm.

HDIL Oil & Gas will bid for 10 blocks under the New Exploration and Licensing Policy (Nelp) VII round.

Meanwhile, HDIL has set a strong development target of 10-12 million square feet for 2008-09. “Demand is continuing. There has been a sort of correction, but Mumbai has a land supply constraint, so the company is insulated to a certain extent,” Wadhawan said.

For the Mumbai airport slum rehabilitation project, it has bought approximately 110 acres (1.12 million square feet) at an estimated cost of Rs 22 crore per acre.
Wadhawan declined to name the site.

Meanwhile, the company has started construction on 15 million sq ft at Kurla, which includes part of the rehabilitation project and some commercial development.

“We want to develop a commercial property as a safe component that will generate revenues to compensate for the land purchase costs,” Wadhawan said.

The Mumbai International Airport Ltd (MIAL) had awarded HDIL the contract to redevelop 96 acres in five years. The company expects to generate 60-70 lakh sq ft of saleable area from the airport project.

Meanwhile, the company reported a 57% rise in April-June net profit to Rs 318 crore, while topline grew 28% to Rs 570 crore.

The company is also going aggressive with its mall development plans. It plans to develop more than 200 malls across the country this year.

“We are opening two malls this year at Kandivli and Bhandup. We plan to open 20 Broadway screens by the year end. We are also open to buying other theatres which are up on sale,” Wadhawan said.

DNA

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