MICL Group Likely To Generate Revenue Of ₹4,000 Cr In Next 5 years Form Mumbai Redevelopment Project

Man Infraconstruction Limited (MICL Group) to develop one of the largest redevelopments in western suburbs of Mumbai city having carpet area for sale of about 17 lakhs square feet with potential to generate revenue of Rs. 4,000 crore in next 5 years on its part, the company on Monday announced through an exchange filing.

MICL Group which holds 33.32 percent stake in Royal Netra Constructions Private limited to develop one of the largest redevelopments in western suburbs of Mumbai city.

"We are excited and thrilled to announce that MICL Group has expanded its horizons in western suburbs by adding a large scale development project located at Goregaon West. The acquisition of the project into MICL’s real estate portfolio marks a momentous achievement for the MICL Group. The aforementioned project is spread over a 10 acre land parcel which will witness one of the largest redevelopments in the Mumbai market," said Manan P. Shah, Managing Director.

"This project has potential to offer carpet area for sale of 1.7 million sq. ft. area and is expected to generate total revenue of more than Rs. 4,000 Crores. The latest addition of the project will expand MICL Group’s Real Estate Portfolio from 4.6 million sq. ft. to 6.3 million sq. ft. of carpet area. The project having total construction area of over 50 lakh sq. ft. is likely to be undertaken by Man Infraconstruction Limited which is expected to be completed within 5 to 6 years of time," he added.

Man Infraconstruction Limited shares

The shares Man Infraconstruction at 12:43 pm IST were at Rs 147.45, up by 6.65 percent.