Omaxe Ltd has announced that its subsidiary Reliable Manpower Solutions has signed up a deal with the Uttar Pradesh Government for establishing two Aircraft Flying and Maintenance Training institutes in the state.

The two aviation institutes will be located at Kushinagar and Farrukhabad and will train pilots, engineers and technical personnel.

The company would utilize Rs 1,500 million of the issue proceeds in oredr to build up its four projects in Faridabad (Nahapur), New Delhi, Haryana, and Uttaranchal. For this construction to achieve fruition, the company has earmarked a time frame of three to five years.

Omaxe got into the realty development business in 2001. At present, it is one of the largest realty development companies in India.

The company has executed construction contracts for several high-status Indian private, public sector and Multinational's clients. Presently, the company has 54 projects under development including 23 group housing projects,16 integrated townships,14 shopping malls and commercial complexes and 1 hotel.

The shares of the company, on Wednesday, gained 0.86% to settle at Rs 239.45 on the Bombay Stock Exchange (BSE). The total volume of shares traded was 279,269. The share price has seen a 52-week high of Rs 613 and a low of Rs 180 on BSE.