Emami to float subsidiary for realty biz

FMCG company Emami has decided to float a wholly-owned subsidiary to make a foray into the real estate sector.

A company official told PTI that Emami had identified realty as a major opportunity which would also help in mitigating the risks of the FMCG business.

Sources said that with liquidity in excess of Rs 100 crore, the company was well poised to enter the sector.

The subsidiary would be formed by the end of March or April, the official, said adding it would take up select projects where the returns were high and quick.

The official said that the subsidiary would take up projects like IT park, shopping mall, residential complexes which would have an estimated payback period of three years.

Besides real estate, Emami was also looking at acquisitions in India and abroad for inorganic growth.