Man Infraconstruction Acquires Sea-View Residential Development in Mumbai, India
Man Infraconstruction (NSE:MANINFRA, BOM:533169) acquired an "ultra-luxury sea-view" residential development in Mumbai, India, for an undisclosed amount, according to a Monday filing to the Indian stock exchanges.The project, in which the group will hold a 70% stake, has an estimated gross development value (GDV) of over 10 billion Indian rupees.This is the company's third luxury residential acquisition in Bandra in Mumbai, and with this acquisition, the company's Bandra portfolio has a combined GDV of over 23.5 billion rupees.With this addition, the group's total real estate portfolio GDV has grown to more than 185.8 billion rupees, while the launch pipeline for FY27 has expanded to around 66 billion rupees.The company's shares were up over 2% in recent trade.
