By IANS,
Chennai : City-based Repco Infrastructure Development Co is in talks with the Tamil Nadu government to develop vacant land on build-operate-transfer (BOT) basis.
“We are discussing various BOT projects with the Tamil Nadu government, the total value of which is around Rs.100 crore,” M. Balasubramanian, managing director of the Repatriates Cooperative Finance and Development Bank (Repco Bank), told IANS.
The Rs.20-crore equity of Repco Infrastructure is shared equally between Repco Bank and and its subsidiary Repco Home Finance.
The infrastructure arm was floated with an idea of developing vacant land owned by Tamil Nadu government departments, Balasubramanian said.
“As majority of Repco Bank’s shares are owned by the central and four southern state governments, we are hopeful of getting good business,” he added.
Repco Infrastructure’s first project, a 20,000 square feet commercial complex, will be shortly inaugurated here.
The Rs.207-crore income Repco Bank has also floated an IT subsidiary to house all its IT activities under one roof and also to sell core banking software services to other cooperative banks.
“The new subsidiary will take care of the IT needs of the group and also target IT business from other cooperative banks in the country,” Balasubramanian said.
With an initial investment of Rs.10 crore from Repco Bank, Repco Infotech will start operations in January 2010.