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Monday, April 7, 2008

India's Parsvnath to invest US$5b in realty projects

CHANDIGARH (India): Real estate firm Parsvnath Developers Ltd plans to invest about US$5 billion (US$1 = RM3.19) in the next three to five years on different realty projects in India and to increase the land area it will develop, a top official said.

The company intends to have 350 million sq ft of commercial area by the end of this fiscal year from 209 million sq ft now, its chairman Pradeep Jain said last Saturday while inaugurating a township in Chandigarh.

The investments will be in different ventures including residential projects, integrated townships, special economic zones, hotels and retail business.

The company also plans to venture into the hospitality sector, with an investment of US$1.5 billion in this segment in the next three to five years, he said.

"We propose to build about 100 hotels in different categories which will have 10,000 rooms," Pradeep said.

It has a joint venture with ITC's subsidiary Fortune Park Hotels Ltd and Royal Orchid Hotels Ltd to manage hotels across India, he added.

Of the total planned investment, about US$2 billion would be spent on projects in north India. It has two special economic zones coming up, a residential colony, an integrated township and a 200-room five-star hotel.

The company expects to realise about US$1 billion from Prideasia, the project it inaugurated, the land for which it acquired for 8.2 billion rupees (100 rupees = RM8.34).

The Parsvnath group is also exploring possibilities for a foreign collaboration to move into the retail business.

"Discussions are on to have a tie-up with a foreign company to set up hypermarkets in India, but I can't comment further," Jain said.

By Reuters

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