Simplex Projects offers model car parking space

Simplex Projects Ltd is entering into the retail car parking space and wants to sell semi-automatic car parking solutions to society-managed apartments and multiplexes.
The Rs 130-crore construction company, which specialises in automated multi-level car parking system, will soon put up model car parking space in four metros to showcase the semi-automatic technology it is getting from a Korean company.

Said Pradeep K Mishra, senior vice-president (finance & accounts), "We believe there is a market for retail car parking technology specially in cities where parking costs are gradually increasing. The technology will enable, say, four cars to be stacked up on one another."

According to Mishra, monthly car parking fees in apartments at Nariman Point in Mumbai could be as high as Rs 15,000.

Mishra said Simplex, to begin with, would bring four prototype models from the Korean firm. "Once the technology transfer is over, we will start manufacturing the entire system in Kolkata."

Simplex on Thursday signed a technology transfer agreement with EWW, a Dutch company, for a fully automated car parking system. It will sign another agreement with the Korean company for the technology transfer of the semi-automated parking system.

The money to fund these technology collaborations comes from the private placement of 14 lakh shares at Rs 70 per share to Enam Securities. "We are spending part of the proceeds on technology acquisition."

Simplex Projects has created a fully-automated multi-level car parking system for 280 cars on built-own-operate & transfer (BOOT) basis for a period of 20 years at New Market, Kolkata.

The company is working with the Delhi Municipality Corp as a consultant for development of 11 car-parking zones. Simplex will develop another three zones itself.

The company is also planning for an initital public offer of 30,00,000 equity shares and plans to raise around Rs 50 crore.
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