Having ventured into hospitality sector, Elecon Group of companies has firmed up its plans to float a separate entity for realty projects including golf course and residential township.
The company has zeroed in a site near Anand in Central Gujarat. Elecon intends to pump in around Rs 400 crore for the project.
The company has proposed to set up a golf course and residential scheme along with Mahi river bed.
"The company has identified land between Sarsa and Vasad areas near Anand and the project will require 300 to 400 acres of land. Around Rs. 400 crore of investment will be pumped in for the project", said Prayashwin Patel, chairman and managing director of Elecon Engineering Ltd.
"A new entity will be floated for Sarsa-Vasad project. We have not yet decided the name of the proposed company", he added. Elecon will implement the project in association with a group of investors.
The investors are mainly cash rich non-resident Gujaratis (NRGs).
"Many foreigners as well as non-resident Indians visit Elecon for business purpose. Apart from this, Central Gujarat has large number of NRGs. The proposed project would offer them an option for recreation," he said.
It may be mentioned here that Elecon Group has recently diversified into hospitality sector.
Elecon Group company—Emtici Engineering —is investing around Rs. 100 crore for setting up a luxurious resort in Vallabh Vidyanagar.
The resort is spread across 17 acres of land and it will have facilities such as hotel, spa, cottages, club and gymnasium.
