COIMBATORE: Lakshmi Machine Works (LMW) plans to enter the real estate market by developing residential units on the excess land available with it in the city.
Chief Financial Officer of the company R. Rajendran told The Hindu here on Tuesday that about five acres in Ganapathy, with residential land use classification, would be developed first at a cost of Rs. 60 crore to Rs. 70 crore. The apartments would be sold at Rs. 30 lakh to Rs. 40 lakh each. Nearly 300 residential units would be developed on the site. The investment would be made in phases.
The textile machinery manufacturing major had 15 more acres in Singanallur. “We intend to develop this land too,” he said. The company had no proposal to expand its industrial activity on these lands and hence decided to use the same to build apartments.
LMW, with core business in textile machinery, also had machine tool and foundry divisions and advanced technology centre. Now, it would foray into real estate sector.