Paras Pharma founder sets sights on realty

The entrepreneur plans to set up a 170-acre integrated township project at Sanand

Gujarat-based entrepreneur Girish Patel - the brain behind iconic brands such as Moov, Livon, and D'Cold - has his hands full. After buying back Sterling Hospitals from private equity (PE) fund Actis last year, Patel is focusing on revamping and expanding the chain. He is also trying his hands at real estate, with plans to build a 170-acre integrated township project at Sanand, a stone's throw from Tata Motors and Ford India plants. Patel, the founder of Paras Pharmaceuticals, turned an investor after selling his stake in Paras in 2010. He made about Rs 1,000 crore by selling 30 per cent stake that he had in Paras Pharma.

"I have my hands full for the next five years. Besides planning to expand Sterling Hospitals as well as revamping the existing facilities, I'm also closely working on the real estate project planned at Sanand, which I think has the potential to develop into the next Gurgaon," says Patel from his swanky office at Viral House in western Ahmedabad. Patel plans to follow a partnership model to develop an integrated township in Sanand, hardly 30 km from Ahmedabad. He has a land parcel of 170 acres, which is right behind the manufacturing facility of German engineering major Bosch Rexroth, and 2 km from Tata's Nano project and Ford India's upcoming plant. "My partner has another 100 acres adjacent to my plot, and if need be, we can think of the project on a much bigger scale," he informs. For the moment, the plan is to develop a township with residential apartments, commercial complexes, malls, movie multiplexes, a hospital, a school, and a hotel of a four-or-five star category. According to industry sources, the net investment on the project could be to the tune of Rs 2,500 crore.