Man Infraconstruction Limited (MICL) announced a landmark strategic collaboration with Godrej Properties Group for the development of a sea-facing residential project at Marine Lines, South Mumbai.
Transaction Structure
MICL, which was previously the Development Manager for the project, has now entered into a partnership with Godrej Properties Group. The development rights, which were jointly held by MICL and Shreepati Group, have been transferred to Godrej Properties Group as part of this collaboration.
Financial Implications
- The project has an overall revenue potential estimated at over ₹6,000 crores.
- MICL will recoup its existing investment in the project to the tune of over ₹300 crores.
- MICL will continue to benefit from the project through an agreed revenue-sharing arrangement with Godrej Properties Group.
Project Details
The residential project is located in the heart of Marine Lines, South Mumbai, spread across approximately 2.5 acres. It offers views of the Arabian Sea and enjoys connectivity through the Mumbai Coastal Road, upcoming Metro network, and the Atal Setu corridor. The project will be jointly branded as part of the collaboration.
Management Commentary
Mr. Manan Shah, Managing Director of MICL Group, stated that this transaction unlocks the project's full potential and is an important milestone. The early realization of cash flows will provide MICL with greater financial flexibility to pursue new development opportunities and expand its presence in Mumbai.
Purpose of Disclosure
This press release is a disclosure made under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.