Business Daily from THE HINDU group of publications
Monday, Sep 04, 2006
Business Daily from THE HINDU group of publications Monday, Sep 04, 2006 |
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Corporate
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Outlook Pushpanjali Construction to invest Rs 1,200 cr more Our Bureau
New Delhi , Sept. 3 North-India based Pushpanjali Construction Pvt Ltd said it would invest Rs 1,200 crore over the next three years for its overall expansion programmes to develop residential projects in several cities. The company is also considering tapping the capital markets with its initial public offer. The company also said that it is foraying into the education sector and plans to start an engineering and medical college in Uttar Pradesh with an investment of Rs 140 crore. The company announced the launch of its residential project - Pushpanjali Meadows - at the Delhi-Agra national highway spread over 200 acres with an investment of Rs 200 crore, where it would be offering 1,200 plots and 400 villas for sale. The project is expected to be completed by December 2008. "We are now expanding to new cities like Ghaziabad, Greater Noida, Jaipur, Bangalore and Ahmedabad where housing projects will be developed," said the Director, Mr Puneet Agarwal. According to Mr Agarwal, the total investment in the housing projects would be around Rs 1,000 crore. Regarding the source of funding, Mr Agarwal said it would be done through internal accruals, advances from customers and debts. "We are also considering to come out with an IPO in the next 8-12 months of about Rs 500 crore," he said, adding that the company has appointed a consultant for this purpose. Giving details about the future projects, Mr Agarwal said the acquisition of land at Ghaziabad, Noida and Jaipur is near completion.
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