Modern India to dev land in South Mumbai, appoint consultant

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Mumbai, Aug 30 (PTI) Modern India plans to develop around seven acres of land in South Mumbai with a total investment of up to Rs 700 crore and appoint a consultant for helping it to chalk out the development plan.

"We plan to develop around seven acres of land in South Mumbai and are in talks with KPMG and Mandala, an Australian consultancy firm. We hope to appoint either of them in the next few days,"Modern India Chairman V K Jatia told PTI here.

The total investment in the project could go up to Rs 700 crore, he said. Modern India might go for an follow-on public offer to raise capital to fund the project.

"We may also opt for private equity placement or raising funds through qualified institutional placement,"Jatia said.

Jatia said that the land, now house a chawl, may be used for developing a hotel or a hospital or a residential complex, though the company was yet to decide on that.

The project may take two years to complete.

Modern India is also in discussion with a land owner in Mangalore to develop a residential property, where it might invest around Rs 100 crore to put up a 42-storyed building on 4.25 acres of land

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