MICL receives IOD approval for residential project, shares up.

Man Infraconstruction Ltd’s shares were up by 3.31 per cent after the company received an intimation of disapproval (IOD) clearance for its upcoming residential project. This encompasses a total of 10 societies located at Ratilal B. Mehta Road (60 Feet Road) in Ghatkopar East, Mumbai. It has a carpet area of approximately 4 lakh square feet.

The project is now in the process of obtaining further approvals and is expected to be launched, potentially in the fourth quarter of the financial year 2023-24. MICL Group anticipates a revenue generation of ₹1,200 crore over the next four years.

HBL