Nirmal Lifestyle plans $5 bln investment for townships in Mumbai, Pune and Indore

Real estate developer Nirmal Lifestyle said on Monday it plans to set up five integrated townships at a cost of about $5 billion over 10 years.
The Mumbai-based firm, which has developed a township as well as residential and retail projects in the city, said three of the proposed townships will be in Mumbai, and one each in Pune and Indore.
"We are finalising the land acquisition for these projects, and will start work on two of them by the fourth quarter of this fiscal," Chairman Dharmesh Jain told Reuters.
Each of the projects will include an Information Technology Special Economic Zone, and will yield total developable area of about 20 million sq ft each, he said.
"We will be able to fund the land acquisition through internal accruals. For each city we will also look at partners, but that will only be on maturity of the project," Jain said.
"We also plan to go public in the next 12-18 months."