PNN
Ahmedabad (Gujarat) [India], December 13: Maruti Infrastructure Ltd (BSE - 531540) - a leading Infrastructure and Construction company of EWS Housing Projects and Urban Infra Projects has received the expression of Interest for strategic partnership and collaboration from MEINHARDT GROUP, Asia's Largest Privately Owned - Global Planning, Design, Engineering, Project and Construction Management Firm. This expression of Interest is regarding partnership for providing comprehensive and innovative solutions related to various Buildings, Industrial & Infrastructure Projects, Sports & Recreation.
The collaboration is subject to final definitive agreement to be executed between the parties and the concrete terms and conditions, roles and responsibilities for each party along with business volume shall be communicated in due course as and when finalized.
Highlights:-
* The company has Rs. 200 crore projects underway, slated for completion within the next two years.
* Company approved allotment of bonus share in the ratio of 1:2 .e. one new bonus Equity Share of for every two existing fully paid up Equity Shares of Rs.2 each, to the eligible shareholders
* At the 30th AGM approved increased in the authorised share capital from Rs. 14 crore to Rs. 20 crore
* For FY23-24 Maruti Infra has reported revenue of Rs. 38.40 crore and Net Profit of Rs. 1.69 crore.
Shares of small-cap company Maruti Infrastructure Ltd surged nearly 6 per cent on Thursday, December 12, defying weak market sentiment. The rally followed the company's announcement that it has received an Expression of Interest (EOI) for a strategic partnership and collaboration from Meinhardt Group, Asia's largest privately-owned global firm specialising in planning, design, engineering, project, and construction management.
Meinhardt is a premier independent engineering consultancy in Asia, boasting a global presence with 61+ Global offices and a team of 6000+ staffs across the world. With a storied history spanning 69 years, Meinhardt has undertaken a wide range of projects across India in multiple sectors in last few years and their services are encompassing the project life cycle from feasibility study to Basic & Detailed design, bid process management, Procurement and project management in various sectors like Infrastructure & Master Planning, Roads, Highways & Bridges, Aviation, Metros and railways, Industrial (Semiconductor & EMS Plants, F&B, FMCG, Minerals & Metals, Iron & Steel plants etc.), Buildings, Data Centres etc.
* Shares of Maruti Infrastructure Limited surged by almost 6% following an EOI from Meinhardt Group for a strategic partnership. The collaboration aims to innovate across various sectors
* This expression of Interest is regarding partnership for providing comprehensive and innovative solutions related to various Buildings, Industrial & Infrastructure Projects, Sports & Recreation.
Established in 1994, Maruti Infrastructure over the last two decades has gained a reputable position in construction industry. Company specialized in offering professional construction of management property services in residential, commercial, Industrial, EWS housing projects and urban infra projects. For the FY2023-24 company has reported revenue from operations of Rs. 38.40 crore and Net Profit of Rs. 1.69 crore.
The Government of India is taking various steps to boost the infrastructure development in the country. Looking at the huge potential for growth in the infrastructure sector, company sees a good outlook for the in coming years. At present company is having around Rs. 200 crores projects in hand which will likely to be completed in next 2 years. Presently Company is mainly focus on construction EWS housing projects constructed under Pradhan Mantri Awas Yojana (PMAY) which is constructed for lowered income group section of society to provide their own houses. Company will also participate in upcoming Bid/ Tender issued by Ahmedabad Municipal Corporation/ other respective authorities in coming years.
Board of Directors of the Company in their meeting held on 12 August, 2024 approved allotment of 3,12,50,000 Equity shares of Rs. 2 each as bonus issue in the ratio of l:2 i.e. one new bonus Equity Share of Rs. 2 each for every two existing fully paid up Equity Shares of Rs.2 each, to the eligible shareholders.
The Members at the 30th AGM approved for increase in the Authorised Share Capital of the Company from existing Rs. 14 crore divided into 1.40 crore Equity Shares of Rs 10 each to Rs. 20 crore divided into 10 crore equity Shares of Rs. 2 each (post sub division).
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