Surabhi Chemicals forays into real estate

Company has acquired land in Nagpur with an aim to launch residential and commercial units in the city, it plans to expand into other cities like Surat and Vadodara also

Having been acquired by Mahadhan Vincom and other strategic investors, Surat-based textile chemicals firm Surabhi Chemicals & Investments Ltd. is now set to foray into real estate. While the company has acquired land in Nagpur with an aim to launch residential and commercial units in the city, it plans to expand into other cities like Surat and Vadodara.

"Prior to acquisition, the company was owned by Gala Sarees Group. However, with a change in management, the focus has changed from textile chemicals and investment operations to real estate. The new promoters have decided to establish the company as a regional real estate developer in Western India," said Manish Patni, managing director of Surabhi Chemicals & Investments Ltd.

"We will be concentrating on real estate business in the western part of the country only such as Maharashtra and Gujarat. With our internal accruals worth Rs 20 crore put together, the total investment in real estate projects in cities like Nagpur, Surat and Vadodara should be around Rs 30 crore," said Patni.

Meanwhile, Surabhi Chemicals & Investments is also scouting for land in cities like Surat and Vadodara in Gujarat. For the financial year 2012-13, the company anticipates a turnover of Rs 10 crore.