Man group is planning to exit its real estate business to focus on its core business of steel pipe manufacturing.
The group, which has invested R350Cr in real estate via its subsidiary Man Infraprojects, will sell off its projects in 18 to 24 months, according to Financial Express.
Founded in 2006, Man Infraproject is engaged in real estate management and development. It undertakes hospitality, residential, commercial, information technology park, and SEZ projects.
The Man Group promoted by the Mansukhani Family in the 1970s is a diversified group with its flagship company Man Industries (India) Ltd. It was incorporated in 1988; it commenced operations with the manufacturing of aluminium extrusion products at a unit in Pithampur, MP.
In 1995, it diversified into manufacturing SAW pipes. In 2005, MIL commissioned an integrated pipe manufacturing and coating unit in Anjar (Gujarat); in 2006, it de-merged its aluminium business into a separate company named Man Aluminium Ltd, which was hived off in 2008-09.
Man Industries On BSE
It manufactures SAW Pipes and Coating Systems for high pressure Oil & Gas applications with a potential production capacity of approximately 1MMTPA.
Recently, Japan based steelmaker - Kobe Steel acquired 3.25% stake in Man Industries for about $6Mn. According to the filings, Kobe Steel will subscribe to 1,818,181 equity shares of R5 each for a consideration of R165per share.
| |
5277
4256
1216
4581
1168
|
|
24708
42
4143
36859
4140
|
|
2100
566
4717
37553
179
|
|
33358 |
|
KVEZAR VIEW
| Date | Type | Buyer | Target | Size ($mn) | State |
| 24/05/13 |
M&A |
Gaursons India Limited |
Land |
267.90 |
Completed |
| 23/05/13 |
Private Equity |
Qatar Investment Authority |
RMZ Corp Holdings Private Limited |
200.00 |
Planned |
| 23/05/13 |
Capital Market |
- |
Parshwanath Corporation Limited |
- |
Completed |
| 22/05/13 |
Capital Market |
- |
Parshwanath Corporation Limited |
- |
Completed |
