Awaiting FSI clarity for DB Realty partnership: Om Metals

SK Jain, chief financial officer,  Om Metals says the company is awaiting clarity on the floor space index (FSI) for its Bandra Reclamation project.

The company is a part of a consortium and has entered a joint venture with  DB Realty for the same. Om Metals is the owner of the land and will develop an SRA-cum residential development in Bandra reclamation where it will develop some residential apartments and give some apartments to the slum dwellers there.

Below is the verbatim transcript of SK Jain's interview with Reema Tendulkar and Ekta Batra on CNBC-TV18.

Ekta: Can you give us the details with regards to this joint venture (JV) with DB Realty, can you tell us if you all are just the developers in the land or do you co-own the land, all the details on this project?

A: Our partnership firm is Om Metals Consortium in which we have 35 percent stake while taking the FSI from MHADA sometime back. So we are basically land owner and a partnership firm and we did a JV with DB for Goregaon Hotels & Realty Private Ltd. After that we are right now 17.5 percent partner in the Om Metals Consortium. The Goregaon Hotel will develop the entire project and SRA and they will develop in next four-five years time.

Ekta: This is for the Goregaon Hotel project that DB Realty is developing?

A: The company name is Goregaon Hotels & Realty Private Ltd.

Reema: This is a JV between your company as well as DB Realty?

A: This is a partnership firm, they are 50 percent owner and we -- some 5-6 companies -- are 50 percent owner.

Ekta: What is the project you all are developing?

A: This project is SRA cum residential development in Bandra reclamation where we shall develop some residential and give some apartments to the slum dwellers there.

Ekta: What is the status of the project at this point of time and what is the revenue share market?

A: Right now we have established the transit camp and we will shift the slum dwellers to the transit camp. After the land is vacant, we will develop the residential complex and SRA.

Reema: So overall, what are the potential revenues that you expect from this particular project, how many years will it take for it to be completed and what can your company generate from this?

A: Right now, there needs to be some clarity on total FSI availability. Suppose the FSI availability is 4 lakh sq ft and as a firm Om Metals Consortium we get 4 lakh sq ft, out of this 2 lakh sq ft go to Goregaon Hotel and 2 lakh comes to the group of Om Metals. Right now there is no clarity on how much sq ft is there but as of now as we understand it, it will be around 4 lakh sq ft.

Ekta: When and how will you get clarity?

A: This High Court matter is going on with Maharashtra Coastal zone after that we will know how much FSI is available to us.

Ekta: What are the other properties you are developing?

A: In Jaipur, in Kota, in Hyderabad.

Reema: The Bombay High Court had directed the Mumbai municipal just yesterday to hasten the clearances for Bandra reclamation project, no timeline is given when the clearance might come through?

A: I don't have clarity right now. This has just came yesterday, I will have to check for the clarity.

Ekta: About the other land parcels that you are developing, which one is with DB Realty?

A: Only this one.

Reema: So overall for the company what could be the kind of revenues that you can generate in FY15 as well as in FY16?

A: We are doing core business of hydro-mechanical components for dams and irrigation projects. Out of this we should have Rs 300 crore topline in March 2015.

Ekta: Any other properties that you would look to monetize and not develop?

A: One project in Jaipur and one in Hyderabad is going on. Out of that we will generate revenue in March 2015 maybe Rs 70-80 crore.

Ekta: Any properties that you are looking to sell?

A: No not at all. 

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