Subsidiary of Man Infraconstruction to develop a landmark project in Mumbai

The MICL Group will jointly develop a residential high rise tower in Tardeo having a carpet area for sale of 6 lakh sq ft.

MICL Properties, a wholly-owned subsidiary of Man Infraconstruction Limited is jointly developing an ultra-luxurious residential high rise tower at Tardeo, next to Bhatia Hospital, Mumbai under asset-light Development Management (DM) model. 

According to the company’s filing to the BSE, the project has a carpet area for sale of approximately 6 lakh sq ft is expected to generate around Rs 3,000 crore over the next 4 to 5 years. The landmark project will be one of the tallest residential structures in India having a proposed height of around 250+ metres. 

Apart from managing the design, sales and marketing of the Project, the company will also execute the construction work leading to timely delivery of the project. 

Commenting on this development, Manan P Shah, Managing Director Man Infraconstruction said that, "State acquisition of the project was in line with Man Infraconstruction’s asset-light strategy and would further strengthen the cash flows and balance sheet of the company."

Headquartered in Mumbai, Man Infraconstruction is an integrated EPC (Engineering, Procurement and Construction) company with five decades of experience and execution capabilities in Port, Residential, Commercial & Industrial and Road construction segments with projects spanning across India. While MICL group has a strong real estate portfolio in the western and central suburbs of Mumbai, this project addition will establish the group's presence in South Mumbai. 

At 12.42 pm on Monday, the stock of Man Infraconstruction Limited was seen trading at Rs 90, down by 3.59 per cent or Rs 3.35 per share on BSE. The 52-week high of the scrip is recorded at Rs 107.90 and the 52-week low at Rs 17.44 on the BSE.