Ajmera Realty plans 1000 Crore investment in real esate and power business

Ajmera Realty and Infrastructure, a Mumbai-based realtor, plans to invest close to Rs1,000 crore in the real estate and power sectors in the next five years even as it is looking at exiting some of its non-core assets including cement business and a land parcel in Bahrain.

The company has lined up Rs300-500 crore investment for developing residential projects, a mix of high-end and low-cost housing, in western India.

Of the targeted investment, which would be a mix of internal accruals and private equity funding, about Rs200 crore would come from internal accruals in the next two financial years.

For the rest, the company would look at private equity funding, only if required.

Ajmera also plans to pump in Rs300-500 crore in the power business in the next five years, the official said.

Most of these investments would be made in the renewable energy space - mostly solar power and bio-fuels. The company is looking mainly at Maharashtra, Gujarat and Rajasthan for the solar projects which would smaller plants at multiple locations.

The power sector expansion would be largely funded through debt marginally through internal accruals. The plans for the power sector foray, however, are at a primary stage