Mumbai, Jun 20 (PTI) Building materials and steel products supplier Sharanam Infraproject and Trading on Friday said it has incorporated a wholly-owned subsidiary in the UAE to focus on the real estate sector.
The company plans to invest around AED 18 million (around Rs 42 crore) over the next nine months, including working capital and deal facilitation costs, in the new venture, Sharanam Infraproject said in a statement.
“The subsidiary will focus on participating in the real estate sector in the UAE, with a specific emphasis on land arbitrage transactions. The arm will acquire strategically located land parcels and subsequently resell them to larger developers or institutional buyers at modest margins,” the company said.
The expansion marks a pivotal step in the company’s broader strategy of entering global markets in a risk-managed manner and creating incremental value for shareholders, Sharanam Infraproject said.
The company is engaged in the retail business of supplying steel products and building materials. It raised around Rs 48 crore through a rights issue in February this year to finance expansion plans and boost working capital. PTI IAS BAL
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