DLF to establish Lucknow township

Lucknow: DLF Ltd wishes to establish an integrated township in Lucknow. The multi-crore township will have a state-of-the-art residential facility with malls, hospitals, and parks. The township is hoped to be developed on the outskirts of the city. The proposed township will be spread over 400-500 acres. Two hundred acre land has been purchased while the process of acquiring the rest is on. The company also has plans to enter into the retail business in Uttar Pradesh, besides Delhi. The company has a presence at 30 places in the country, and has mulls to build nearly 30 locations in the country. Company officials were in town to do promotion campaigns for their IPO, which opens on June 11. Of the net proceeds form the issue, DLF proposes to utilise Rs 3,500 crore to purchase land and development rights, Rs 3,493.4 crore for development and construction costs for existing projects, and the remaining amount to repay loans.