Lakshmi Machine Works (LMW) has joined hands with Sobha Developers to develop a residential project here.
LMW informed the Bombay Stock Exchange (BSE) on Thursday that it had initiated a housing project in Coimbatore. It had entered into a joint development agreement with Sobha Developers for design, development and construction of residential apartments here. The project is expected to be completed in 2015-16.
R. Rajendran, Director (Finance) of LMW, told presspersons here that it had excess lands at two sick units it had acquired here. One of the plots, located at Ganapathy, was already classified as residential. Hence, it decided to promote a residential project on the land. It had joined hands with Sobha Developers for it. With regard to land available at Singanallur, the company has applied for residential classification. It was yet to decide on the partner for developing it. “Our intension is only to develop the excess land in the two sick units that we had acquired.” The revenue realisation for the project is expected in 2015-2016, he said.