Supertech grants 500 cr contract to UAE firm

Real estate developer Supertech signed a Rs 500-crore contract with Abu Dhabi-based Arabian Construction Company (ACC) earlier this week for construction of a project in Gurgaon.

Advertisement

"Supertech has awarded this contract to ACC for carrying out construction work with special construction technology, known as 'Tunnel Form Technology'. Hues will be the first project in India to be constructed with this technology," the company said in a statement.

The technology is being used for Hues in order to complete the project in 30 months, it added. Supertech Chairman RK Arora said: "For the construction of Hues, ACC will be using Tunnel Form Technology, which is very well known in other countries, especially in Turkey." Hues is a 70-acre group housing residential project located in Sector 68 of Gurgaon. 

NBCC bags orders worth over 540 cr in July

State-owned National Buildings Construction Corporation (NBCC) Ltd has bagged orders worth over Rs 540 crore in July, 2015. "The company has secured total business amounting Rs 540.81 crore (approx) from various clients in the month of July, 2015," NBCC said in a BSE filing earlier this week. Last month, NBCC signed an agreement to redevelop the Indian Institute of Public Administration's campus for Rs 435 crore. In a filing to the BSE, NBCC said it has "executed an MoU with IIPA for redevelopment of its campus at IP estate, New Delhi, at an estimated amount of Rs 435 crore." NBCC is present in three main segments - project management consultancy, real estate development and EPC contracting. 

ICICI Prudential exits Logix’s Noida housing project for 62 cr 

Realty player Logix Group has bought back its equity stake in a housing project at Noida from ICICI group's real estate fund for about Rs 62 crore, paving way for the latter's exit from the project. ICICI Prudential's India Opportunity Real Estate Fund had invested about Rs 30 crore as equity in the Logix group's housing project Blosson Green at Noida in 2011. 

Logix Group is also in process to give exit to Apollo global in its IT project covering 1.2 million sq ft. Apollo global had invested about Rs 160 crore in this project. "We have a very cordial relationship with all our investors and are very happy to announce that we have given exit to ICICI Prudential's India Opportunity Real Estate Fund which had invested in our Blossom Green project in Noida,” Logix Group CMD Shakti Nath said.

The company has given exit to ICICI group at a multiple of 2.11 times using internal accruals, he added. A company official said that Logix Group has bought back the stake from ICICI Prudential's realty fund in this project where 2,400 apartments are being developed.

Nath said the company is also finalising exit of its FDI partner Apollo global in its IT park. Apollo global had invested about Rs 160 crore in this IT Park, which has already been leased to the extent of 85-80 per cent. Noida-based Logix Group has completed more than 4 million sq ft of IT facilities. It is also developing 23 million sq ft of residential projects and 200 acres of plotted development.       — Agencies