Surendra Hiranandani plans overseas listing

After Niranjan Hiranandani listed Hirco, Hiranandani Construction's UK subsidiary, on the Alternative Investment Market (AIM) in London, his younger brother Surendra is planning a listing of his independent realty projects on overseas exchanges.

Though Surendra Hiranandani did not disclose how much he would raise from overseas markets, he said he is open to all options.

"I am exploring various opportunities to list on either the AIM, the Euronext or the Singapore Stock Exchange. I will create a holding company and list the subsidiary on the foreign exchange," said Surendra Hiranandani.

Surendra, who is also managing director of Hiranandani Constructions, has been developing projects independently for the last two years as special purpose vehicle (SPV) projects and planning to invest Rs 5,000 crore in realty projects over the next 3-5 years. He is developing a 110-acre integrated township called 'Hiranandani Upscale' at a cost of Rs 2,000 crore in Old Mahabalipuram area in Chennai.