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India: Kalpataru Power Transmission Board Approves Capex of Rs 207 cr

The Board of Directors of Kalpataru Power Transmission has approved capital expenditure of around Rs 207 crore towards purchase of land.

 

The company will further incur expenditure of around Rs 170 crore towards construction, municipal charges, taxes and for other approvals for development and construction of corporate office of about 1, 79,000 sq ft of leasable area near its existing office at Santacruz in Mumbai, Maharashtra.

 

The total cost per sq ft will be in the range of approximately Rs 21,000, which is much lower than the current market price.

 

The construction of corporate office will help the company to reduce rental costs, bring better efficiency and synergy of working together at a single location.

 

The company is expecting to complete the construction within a period of 24 to 30 months.

 

The company had appointed independent international real estate consultants, valuation agencies and legal advisors to assist in identification and evaluation of various options.

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