As per reports, Orbit Corporation is in talks with a few property firms from Singapore for partnering in its Santacruz project, Orbit Grandeur. The slum redevelopment project covers an area of 1.2 million square feet. in Kothewadi, Santacruz (Mumbai), and the company is looking to launch it in June.
As per reports, it is a very big project and it needs expertise in designing, which Orbit is scouting for. Secondly, the partner will also put in money for the project level stake. The company is in the early stage of discussions with two developers for the same.
Apart from bringing in a partner for this project, it is also planning to raise private equity fund for its project Kilachand property and two properties on Napean Sea Road. Orbit Corp has been looking to raise more than Rs500 crore for its projects.
However the management has declined to comment. But they had mentioned in their conference call of Q3FY12 that they are looking for private equity in few of their projects which will keep their debt under control. We maintain our Buy reco.
....more info
As per reports, it is a very big project and it needs expertise in designing, which Orbit is scouting for. Secondly, the partner will also put in money for the project level stake. The company is in the early stage of discussions with two developers for the same.
Apart from bringing in a partner for this project, it is also planning to raise private equity fund for its project Kilachand property and two properties on Napean Sea Road. Orbit Corp has been looking to raise more than Rs500 crore for its projects.
However the management has declined to comment. But they had mentioned in their conference call of Q3FY12 that they are looking for private equity in few of their projects which will keep their debt under control. We maintain our Buy reco.
....more info