Man Infraconstruction secures IOA for Tardeo 2.0 project with ₹2,000+ crore GDV

Man Infraconstruction Limited has secured the Intimation of Approval (IOA) for its Tardeo 2.0 project in South Mumbai, marking a key development milestone for the company. The project, with an estimated Gross Development Value (GDV) exceeding ₹2,000 crore, is planned for launch in FY27. This approval enables the progression towards vacating premises, preparation for demolition, and obtaining requisite approvals ahead of the launch.

Project Overview

The Tardeo 2.0 project aggregates approximately 46,000+ sq. ft. of plot area at a premium residential address in South Mumbai. The development will be executed through Man Aaradhya Infraconstruction LLP, in which the MICL Group holds about 50.5% equity stake. The following table summarizes the key parameters of the project:

Parameter	Details
Project Name	Tardeo 2.0
Location	South Mumbai
Plot Area	46,000+ sq. ft.
Gross Development Value (GDV)	Exceeding ₹2,000 crore
Planned Launch	FY27
Development Entity	Man Aaradhya Infraconstruction LLP

Strategic Significance

The Tardeo 2.0 project, along with Aaradhya Avaan and the Marine Lines project, represents a cumulative GDV potential exceeding ₹8,000 crore. These marquee South Mumbai developments provide strong visibility for the company's growth pipeline over the coming years. The company reported a consolidated Total Income of ₹1,231 crore and Net Profit of ₹283 crore for the financial year ended March 31, 2025.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.25%	-0.94%	-9.01%	-19.04%	-42.24%	+166.73%

Man Infraconstruction Limited has secured shareholder approval for 12 material related party transactions involving its subsidiaries and associates, authorizing business worth up to ₹3,965 crore for a period of one year. The resolutions were passed through a remote e-voting process conducted via postal ballot, which concluded on June 22, 2026, pursuant to Section 110 of the Companies Act, 2013 and relevant SEBI regulations.

The approvals allow the company to continue existing contracts and enter into new arrangements with entities including MICL Developers LLP, Man Vastucon LLP, and Royal Netra Constructions Private Limited. The aggregate limits for these transactions range from ₹100 crore to ₹1,145 crore, covering activities in the ordinary course of business on an arm's length basis. The Audit Committee and the Board of Directors had previously recommended these resolutions.

Voting Results

The scrutinizer, Mr. Himanshu S. Kamdar of M/s Rathi & Associates, validated the votes cast by shareholders. A total of 4,75,07,247 shares were polled across the resolutions. Public non-institutions and public institutions participated actively, while promoter and promoter group votes recorded as zero.

The table below summarizes the voting outcomes for the key resolutions:

Related Party	Aggregate Limit (₹)	Votes in Favor (%)	Votes Against (%)
MICL Developers LLP	570 Crores	79.51	20.49
Man Vastucon LLP	105 Crores	99.95	0.05
MICL Creators LLP	170 Crores	79.51	20.49
Man Aaradhya Infraconstruction LLP	1,145 Crores	79.51	20.49
Man Chandak Realty LLP	100 Crores	79.51	20.49
Royal Netra Constructions Private Limited	270 Crores	79.51	20.49
Arhan Homes LLP	270 Crores	79.51	20.49
Atmosphere Homes LLP	220 Crores	79.51	20.49
Trident Agro Terminals and Logistic Private Limited	265 Crores	79.51	20.49
Shreepati Zaoba Housing LLP	820 Crores	79.51	20.49
Shreepati Skies (R R Chaturvedi)	145 Crores	79.51	20.49
MICL Developers LLP with Royal Netra Constructions Private Limited	100 Crores	95.89	4.11

Key Details

The postal ballot notice was sent to shareholders on May 22, 2026, following the Board meeting held on May 13, 2026. The remote e-voting facility was provided by the National Securities Depository Limited (NSDL). The record date for determining eligibility was May 15, 2026. All resolutions were declared passed with the requisite majority based on the scrutinizer's report dated June 23, 2026.