TRIL targets 30-mn sq.ft realty space

Tata Realty and Infrastructure Ltd Realty Space

In order to ensure sufficient fund flow to its targeted projects in the real estate sector to achieve commercial property portfolio to 30 million sq.ft from 10 million sq.ft currently, Tata Realty and Infrastructure Ltd, (TRIL) has purchased the Chattisgarh-based Durg bypass road project at an investment of about Rs. 800cr. Apart from real estate, the player is also going all out building an infrastructure portfolio to the tune of Rs. 10,000-cr in the road sector so as to reach 5,000 km by fiscal 2019. As a matter of fact, the company is planning to treble the equity value of the deal, which is pegged at Rs. 280cr, while the rest is debt. As of now, the company owns 2,200 km of roads after investing Rs. 8,000cr. In 2015, TRIL purchased three road assets of 624 km from Hyderabad-based rival IVRCL Infrastructures and Projects for an enterprise value of Rs. 2,200cr. In its newest scheme of things, TRIL, which started with real estate development, primarily commercial, has been aggressive in building a road portfolio after the government announced various investor-friendly policies and many original promoters were forced to sell their debt ridden assets by their lenders for fear of turning non-performing assets.