Emami Group Spends 200 cr on Land Buys for Realty Push

Dec. 19, 2011 - PRLog -- Emami Group Spends 200 cr on Land Buys for Realty Push

ANURADHA HIMATSINGKA KOLKATA

Emami Group, a . 3,700-crore diversified conglomerate, has bought 850 acres of prime real estate in a countrywide property expansion binge.

The company has spent more than . 200 crore to buy land in Hyderabad, Chennai, Coimbatore, Jhansi and Kolkata for developing up-market large scale residential and commercial complexes.

Top officials from Emami are negotiating more land deals and expect to clinch them in 2011-12, RS Agarwal, group joint chairman, Emami, told ET.

“We are indeed in a hurry to lap up huge tracts, but will not close the land deals at any cost. All pros and cons will be weighed before we clinch the property,” he said.

Agarwal, however, refused to reveal the break-up of these deals citing corporate governance issues. He said the company has been supported by commercial banks and lending institutions.

“We are looking to build premium residential complexes. We also plan to develop large as well as mid-sized mixed use housing projects comprising residential, hospitality, retails and commercial properties depending on prevailing market conditions,” said Girija Choudhary, director, Emami Realty.

“Our real estate ventures, like all other projects being undertaken by us, will be financed by unsecured and secured loans, advances from customers and promoter’s own funds,” Choudhary said. The Emami Group, which has taken big strides in FMCG and personal care space over the years, has been actively involved in the city’s realty market. It has acquired majority stakes in some of Kolkata’s landmark real estate projects being developed by a city-based realtor or a group of realtors. On its own, the group has been building residential complexes under the ‘Orbit’ brand.

“Although a firm decision has not been taken, as a group, we intend to grow our real estate business independently. Joint venture developments will be taken up selectively and only if the deal is lucrative. Going forward, the focus will be more on promoting the umbrella brand ‘Emami’,” Agarwal said, outlining the group’s future plans. The group will continue to remain involved in projects it has invested in.


Ground Rule

CO ALSO PLANS TO
Develop large as well as mid-sized mixed-use housing projects comprising residential, hospitality, retails and commercial properties

TOP OFFICIALS FROM
Emami are negotiating more land deals and expect to clinch them in 2011-12

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