Hyderabad: Hyderabad-based Meenakshi Group that has presence in real estate, infrastructure, power and property management is on expansion mode. The 27-year-old group that has completed 250 km of road works, 12 million sq ft of real estate construction and 80 MW of power production, is looking to expand to another 5-6 million sq ft of building construction along with 300-450 MW of hydro and solar projects in the next two to three years.
In addition to these sectors, the group has also recently announced the launch of its startup fund called Meenakshi Multiples to invest in property tech-based startups. Some portion of the $10 million fund has already been invested in four months and continues to scout for new and promising startups from varied industries to make investment.
Speaking about the expansion, Mahesh Katragadda, director, Meenakshi Group said, “We have pan-India presence in the infrastructure and power sector. Going ahead, we are looking at expanding our real estate segment to other metro cities outside of Hyderabad. We should start our real estate expansion by second half of 2020 and are targeting at getting into all major metro cities in a couple of years with our residential as well as commercial projects.”
The group, which was started by four friends– K S Rao, chairman; C Sivaji, MD; D Suresh, director and B Srinivas, director, has grown from developing a 20,000 sq ft venture at the start to becoming one of the leading construction firms in Telangana and particularly in Hyderabad. “In real estate, our projects include classic residential apartments, premium villas, and layouts and in commercial real estate we are among India’s leading IT parks developers. Apart from about 50 MW operational power projects, we have more than 300 MW to 450 MW pipeline projects under implementation in various stages,” said Katragadda. He is also the second generation entrepreneur of the friend cum family owned business.
Without sharing details about the revenues and investment, the second generation entrepreneur of the friends cum family business said that the company has been witnessing good growth since its inception. And it was only during the global meltdown that there was some downfall in the business which the group recovered quite quickly, he added. “We overcame the challenges by remaining focused on our core businesses without drifting to other bubbling sectors. Further, we believed in gradual growth. Our customers and associates appreciated our business practices and stood by us in good and bad times,” he informed.