Parsvanath to invest Rs 600cr in Gujarat

Parsvanath Developers Limited, the Delhi-based real estate company, is planning to invest Rs 600 crore in Gujarat in 2007. The company is, however, contemplating over several industry verticals for the investments.

Speaking to Business Standard, Ashim Gandhi, additional vice-president, said, "We will be investing around Rs 500-600 crore in Gujarat. As far as segments are concerned, there are ample options from residential townships, commercial projects to special economic zones (SEZs). It all depends on where we get the land, the ancillary services, approval policies of the government, etc. Since we have projects in almost all the segments across the country, the investment in the state could be in any segment."

The company is currently executing two commercial multiplexes in Ahmedabad. Gandhi said they planned to come up with more such projects soon in other cities.

Parsvanath Developers has 15 SEZ projects on hand across the country, of which 11 have been approved. From gems & jewellery, diamonds, leather, garments, biotechnology, to handicrafts and IT, the company has covered almost all the segments.

Moreover, it is also in talks for overseas projects. "We are at very early stages of talks to reveal anything. But, other than going pan India, we are also looking for overseas projects," Gandhi said refusing further details. The company has its presence across India barring a few states like Jharkhand and Jammu & Kashmir. As for Gujarat, Gandhi felt that any kind of project would be profitable given the real estate boom in the state.

"It all depends on where we get the land and the speciality of the region. For instance, if we get a land in Surat we might go for a diamonds SEZ. Our company doesn't believe in focusing or specialising in only one or two segments. We are open to any kind of project in the state," he said.

Gandhi, however, refused to comment on any expression of interests (EOIs) that the company might be planning to offer to the state government.

The company recently raised around Rs 1,100 crore from an initial public offering last month.