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Mavens Biotech forms JV with Bangalore based Garuda Group for Infrastructure projects
New Delhi, Aug 05,2010 : BSE Listed Mavens Biotech Ltd., engaged in the business of
tissue culture plants and bio-informatics, has today signed an MOU with Bangalore based
Garuda group to jointly develop projects in real estate, township development, low cost
housing construction, power and other infrastructure related areas. This Joint Venture has
already identified three large projects in and around the Bangalore city for development
of a mall, hotel cum convention centre and a large township.
According to Mr. Anil Jain, Director, Mavens Biotech, “This Joint Venture marks the
company’s diversification into the Indian infrastructure sector which is poised for growth.
Going forward, this sector should start contributing significantly to our revenue and
profitability.”
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Garuda Group, promoted by Mr. B.G.Uday, is a renowned Bangalore based real estate
developer with several large successful commercial projects including Garuda Mall,
Garuda Swagath & Garuda Mysore with more than 1.2 million square feet of shopping
and entertainment areas. Garuda Group has also been active in the development of
residential sites with all basic amenities in and around Bangalore for the past twenty
years.
Mavens Biotech Ltd., today also reported a net profit of Rs 42.74 lakh for the quarter
ended June 30, 2010. Income from operations during Q1FY11 stood at Rs 1060.96 lakh,
compared to Rs 1050.86 lakhs a year earlier.
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