Suchirindia to open branch office in Dubai soon

Suchirindia Developers Private Limited, a Hyderabad-based realty major, is in the process of setting up a branch office in the Dubai free trade zone in the next 3-4 months.

Speaking to Business Standard, Y Kiron, chief executive officer of Suchirindia Developers, said that the Dubai office would position the company as an international brand and help it win customers from the Middle East.

"We are currently in talks with Hamad M Al Wazzan & Partners of Kuwait for joint venture projects. We plan to set up BPO centres and IT parks in Hyderabad in JV with the Kuwaiti company once the talks materialise," he said.

The company is also planning an initial public offer (IPO) with an issue size of Rs 1,000 crore in the financial year 2007-08. It intends to utilise the issue proceeds to fund its future projects, expansion plans and overseas joint venture initiatives.

Kiron said that the IPO would help the company go ahead with its plans of expanding its horizons to other metros in the country and take up mega projects. It would also help them reach new customers through the proposed overseas joint venture initiatives, he said.

"With projects worth around Rs 700 crore under way and a land bank of around 1,000 acres in Hyderabad, we plan to go for more high profile projects in future and therefore plan to come out with an IPO in 2007-08," he said.

According to him, Suchirindia would sign MoUs with four US-based companies and a Canadian firm in July this year to promote its Indian projects abroad. Besides, the companies would study the market there and explore opportunities to foray into the US realty market.

On the company's ongoing projects in Hyderabad, he said they had taken up Gold Coast, a 750-acre integrated township project on the Hyderabad-Vijayawada highway, at an investment of Rs 400 crore.

The project, which houses a mini-golf course, a helipad, stud farm and a mini-desert safari among others, would be completed by 2008.

He said that the two residential projects "� West Brook, a Rs 100-crore project near Maheshwaram on the outskirts of Hyderabad, and Timber Leaf, a Rs 200-crore project near the Shamshabad international airport "� were nearing completion. While the first project would be completed by March 2007, the latter would be completed by this year-end.

Suchirindia clocked a turnover of Rs 60 crore in the financial year 2006-07. It plans to close the current financial year with a Rs 200-crore turnover.