While Surendra Hiranandani plans to reinvest the money through House of Hiranandani, a real estate business he owns separately, elder brother plans differently.
At 66, Niranjan Hiranandani could follow his son.
“Opportunities to invest are greater now,” says the patriarch. “My son is into energy and airport development. We can invest in that.”
Hiranandani Developers — in a consortium with Zurich Airport — is bidding for building a new airport in Navi Mumbai. Darshan Hiranandani, son of Niranjan Hiranandani, is spearheading the bid as a managing director of the company.
Also, the 34-year-old son is heading Hiranandani Energy that plans to deliver four million tonnes of liquefied natural gas (LNG) to domestic consumers in the next four years.
The company will bring its first cargo of LNG at its Jaigarh re-gasification terminal in Maharashtra by next year. It also plans to build a re-gasification terminal in West Bengal, targeting markets in eastern India and Bangladesh.
“We could look at any area where opportunities for returns are good,” says the patriarch whose accountancy knowledge helps in the profitability hunt. “The investments could be even in financial services or hotels or in rental assets.”
It is not the first time that he is partnering with his children. Earlier, he started an investment company, Hirco, with his son and daughter Priya, who later filed an arbitration proceeding against father and brother over operations of the firm.
Darshan, 34-year-old son of Niranjan Hiranandani, is heading Hiranandani Energy that plans to deliver 4 mt LNG to domestic consumers in the next four years
The firm will bring its first cargo of LNG at its Jaigarh re-gasification terminal in Maharashtra by next year
It also plans to build a re-gasification terminal in West Bengal, targeting markets in Eastern India and Bangladesh
Niranjan plans to deploy a minority of his $500 mn in an affordable housing company, as a not-for-profit venture under Section 8 of the Companies Act
Niranjan Hiranandani is expecting this matter to be resolved by the end of the year.
He also plans to deploy a minority of the $500 million in an affordable housing company, as a not-for-profit venture under Section 8 of the Companies
Act. It is targeting Mumbai and Chennai for this venture.
Hiranandani Developers owns 2,000 acres in the country. It still owns 0.5 million sq ft of office space in Powai and is developing 3,000 apartments in the suburb.
It is also developing five million sq ft of office space across the country.
And, plans to float a Real Estate Investment Trust, for its future projects.