Marg Constructions updates on business plans, SEZ projects

Marg Constructions Ltd has announced that the Board of Directors of the Company at its meeting held on December 23, 2006 has:

1. Taken note of the Financial Closure of Karaikal Port Project for financial assistance of Rs 303 Crores granted to the Wholly Owned Subsidiary "Karaikal Port Pvt Ltd" by a consortium of banks and financial institutions.

2. Taken note of in-principle approval received from Ministry of Commerce for establishing two Special Economic Zones (SEZs) in Kancheepuram District near Mahabalipuram in the light engineering sector (including auto ancillary) and services sector on an area of 312 acres and 300 acres respectively.

3. Taken note of the agreements entered into by Marg Business Park Pvt Ltd, a wholly owned subsidiary of the Company with Oakwood Asia Pacific Ltd, Singapore for technical, Marketing and Management services and Trade License Agreement for development of Serviced Apartment at Kazhipattur, Kancheepuram District, Chennai.

4. Noted acquisition of land of 4.40 acres for development of Residential Apartments at Kalavakkam on Old Mahabalipuram Road, Chennai.

5. Decided to raise upto Rs 300 crores through issue of GDR/FCCB and/or Qualified Institution Placement.

6. Reviewed the progress for acquiring land for proposed Special Economic Zone (SEZ) at Tirupati, Andhra Pradesh.

7. Reviewed the ongoing projects of the Company.

Source : Equity Bulls

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