Om Metals in JV with Mahindra Lifespaces to develop property at Hyderabad

Om Metals Developers, a subsidiary of Om Metals Infraprojects, has entered into a joint development agreement with Mahindra Lifespaces Developers to develop a 10-acre property in Hyderabad, the company said in a release.

Mahindra Lifespaces will own 80% of post-developed area rights in the project, while the remaining 20% right is owned by Om Metals Developers.

Om Metals Developers expects project revenue of Rs 75 crore as its share against an investment of Rs 20 crore on 10 acre land. Om Metals Infraprojects Ltd, through its wholly-owned subsidiary Om Metals Real Estate Private Ltd owns a 39% stake in Om Metals Developers.

The project named Ashvita is located on the main arterial road connecting HITEC City to national highway-9.

On Friday, shares of Om Metals Infraprojects closed at Rs 24.25 on the Bombay Stock Exchange, down 1.6% from Thursday's close. Shares of Mahindra Lifespaces closed at Rs 418, down 1.6% over previous close.

Source : (Kailash Babar, ET Bureau Jan 4, 2013, Mumbai) : "Om Metals in JV with Mahindra Lifespaces to develop property at Hyderabad."