Modi Group plans Rs 6,000 crore investment in the next five years
Illustration: Binay Sinha
Modi Group, formerly known as BK Modi Group, is planning to invest Rs 6,000 crore in the next five years in two real estate projects, its founder Bhupendra Modi said on Friday.
Modi Group will invest Rs 4,000 crore to develop a health city in Saket, Delhi, he said.
Besides, the group has also committed to invest Rs 2,000 crore in city development projects at Modipur in Rampur District of Uttar Pradesh.
“In the Saket project, it would be a city and hospital and other projects, and at Modipur, we would have city development, where we would build an entire city. Then we have some more place to invest in,” Modi said on the sidelines of an event.
The group is also investing Rs 2,000 crore outside the country, Modi said, declining to share any information about that.
“This would be a total of Rs 8,000 crore, which is around USD one billion,” he said, adding that the group has also a presence and business interests outside India.
When asked about the funding, he said it would be a mix of debts and equities, “which would be directed by us”.
On the Saket project, Modi said it consists of three major buildings, having 20 lakh square feet of space with residencies and a hospital.
It is envisioned to be a comprehensive healthcare hub, featuring medical office buildings, over 24,000 quaternary bed facilities, wellness residences, and geriatrics care, among others.
“This investment (in Saket) is in cash as we already have land here,” Modi said.
While sharing the status of the ongoing projects, Modi said it has already started development projects worth Rs 1,000 crore.
As part of the first phase, construction work for two projects worth Rs 750 crore has already been started and has also put the foundation stone for two more projects worth Rs 300 crore.
On Modipur, the group, in a statement, said it will be a smart city with state-of-the-art infrastructure, including multiplexes, malls, luxury hotels, urban residences, and futuristic manufacturing industries based on AI technology.
It is also planning to open holistic wellness centres across India.
Modi Group also entered into a partnership with Miami-based real estate firm The Lynd Company for the development of residential buildings in Miami, FL, USA, and Saket, New Delhi, India, under a single global brand.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jan 05 2024 | 10:32 PM IST