Omaxe to invest Rs 220 crore for land acquisition

Omaxe, a real estate developer is planning to invest up to Rs 220 crore in the next six months on land acquisition. Moreover, the company is targeting to cut its gross debt by about Rs 225 crore in this fiscal.

The company has reduced the net debt by about Rs 75 crore on quarter to quarter basis. As on March 31, the company’s gross debt was Rs 1,552 crore and today it stands at Rs 1,477 crore.

Omaxe started operations as a civil construction and contracting company and has executed over 120 prestigious industrial, institutional, commercial, residential and hospital construction projects. In the year 2001, the company entered the real estate development business. Today it is among the large real estate development companies in India. The company’s net profit after tax for the quarter ended June 30, 2011 declined by 31.19% at Rs 12.53 crore as compared to Rs 18.21 crore for the corresponding quarter last year.