Aerens group to invest over Rs 2,000 cr in Punjab

Delhi-based Aeren R Enterprises, a leading infrastructure development conglomerate doing value-added real estate projects in edutainment, entertainment, speciality malls, corporate trading and financial services, has its plans lined up for Punjab.

The company is planning to invest Rs 2,000 crore in Punjab in the next three years, a top official said here today.

It is planning to develop a trade city near Phillaur. The trade city would comprise a warehouse, a wholesale and retail market (175 acres), a five-star hotel (6 acres) and a mall in Ludhiana, a Rs 250-crore central business district (17.5 acres) on Ludhiana-Jalandhar highway and penthouses, service apartment, a Rs 200-crore high-end commercial space on Ludhiana-Ferozpur Road (12 acres), etc. Besides, it is looking for land near Amritsar for retail and housing projects.

A company official told Business Standard that the land had been acquired for all the projects and the company is working on modalities regarding building plan and for getting necessary approvals from the department.

The official said the work on these projects would be started very soon, as soon as the state government issue necessary clearances.

Commenting upon the details about the project, Resident Director JS Sekhon said, "We have plans to develop four projects in Punjab."

Further, it has plans to launch a five star hotel with a project cost of Rs 100 crore (near the upcoming mall called Festival City in Ludhiana) for which negotiations are going on with several national and international firms and equity partners.

The work on the Ludhiana's mall " Festival city" is going on. The project is spread over 2 million square feet, and would attract an investment of Rs 350 crore. According to the company officials more than 70 per cent of the retail space in Festival City has been leased to renowned brands like Shopper's Stop, Pantaloon, Reebok, Levi Strauss and Adidas. Sekhon added that the mall would be ready by April next year.

The company is also scouting for land in Amritsar to develop residential and commercial space.

"Apart from Festival City, where construction is going on, our projects include a Corporate Tower in Faridabad, which will be spread over 6.5 acres, meant for ITES (IT-enabled services)," Sekhon added.