L&T to invest in Navi Mumbai project
Larsen & Toubro (L&T) has announced that its property development division will spend Rs 3,500 crore to develop a commercial complex at Seawoods railway station in Navi Mumbai. Spread over 40 acres of land the company will also develop a railway station in the area. over the next three years, the company informed the Bombay Stock Exchange.
L&T and the City and Industrial Development Corporation of Maharashtra (Cidco) signed a development agreement today. The companies plan to complete the devel;opment project over the next 5 years.
Cidco, which is responsible to devlopment of new urban areas, had floated this proposal in mid-2007. L&T was one of the three qualified developers and bagged the project by bidding Rs 1,809 crore.
The project will involve the development of a railway station, large format retail and entertainment space, multiplexes, office complex, and premium category hotel and service apartments.
L&T is in the process of short listing international architects to develop the concept and master plan for the project, it told the BSE
