Even as its IT special economic zone (SEZ) project near Ahmedabad is under process, Pune-based Vascon Engineers Limited is now looking at other opportunities in Gujarat. The company, which is into EPC and real estate projects, plans to develop residential properties in the state.
"We will be opening up to the bandwidth of residential properties in Gujarat. We will be looking at some good locations including Ahmedabad for premium as well as moderate housing projects," said R Vasudevan, managing director of Vascon Engineers. The company, which intends to hit the capital market by first quarter of financial year 2010-11, has filed a DRHP and awaits a clearance from SEBI by end of this month.
Meanwhile, its IT SEZ project is struggling to find client for booking space. "We are currently developing a part of the SEZ in an area of 2 lakh sq ft for Rs 20 crore. However, in the last six months, the response for the IT SEZ has been poor," Vasudevan added. The Rs 350 crore project, which was announced in mid 2008, is being jointly developed by Vascon alongwith Agrawal Estate Organisers of Gujarat and Pristine Properties of Pune.
With an aim of constructing two million sq ft of area at the SEZ, Vascon plans to create 20,000 jobs through the project.
Chiefly involved in real estate and construction business, Vascon Engineers had last year diversified into development of IT parks in Pune and had intended to take the work forward by constructing an IT SEZ in Gujarat.
Having completed EPC projects worth Rs 880 crore, Vascon Engineers currently enjoys an order book of Rs 3,380 crore over 59 projects.