LMW joins hands with Sobha Developers for apartment project.

Moving from its core activities, textile machinery major Lakshmi Machine Works (LMW) made a foray into the real estate sector, joining hands with realty major Sobha Developers. The two companies have also jointly launched a unique residential project in the Coimbatore.

Asked about the stake of both the companies in the joint venture, Ramakrishnan said Sobha, which is foraying into the apartment segment, will have 70 per cent stake and LMW will have the remaining 30 per cent. The latter provided the land and made an investment of Rs. 165 crore.

On its foray into the housing sector, R Rajendran, Director, Finance, LMW said it has acquired two companies and wanted to utilise urban surplus land it has for housing projects as the demand for houses was increasing in and around the city.

ET