Parsvnath aims $15 billion investment in 5 years

 
NEW DELHI: Aiming to turn a 'conglomerate' from being a real estate major, Parsvnath Developers on Sunday announced an investment of Rs 60,000 crore (15 billion dollars) in next five years in diversified areas like SEZs, airports, express ways and retails business.

"We shall be bidding for upcoming airports like Udaipur, Greater Noida, Maharashtra and other states. Besides, SEZs will be another major investment area in the coming three to five years," Pradeep Jain, Chairman of Parsvnath Developers Limited, told reporters.

Asked about the source of funding, Jain, who started as a broker about 15 years back grew to become India's leading real estate developer, said "funding for new businesses will not be an issue... we shall leverage from our huge large land bank".

Among the major projects, Parsvnath would be focusing on development of SEZs, hotels, highways, retail and telecom, he said adding the company has 191 million square feet of developable area including six SEZs.

Though it has been denied entry into telecom business as Parsvnath's application for Unified license was rejected by the Department of Telecom (DoT) last week, Jain said "we will get into telecom sector and our investment will be in the range of up to five billion dollars (Rs 20,000 crore)".

He, however, declined to elaborate on telecom business plans saying the company was watching the situation.

On other businesses, Jain said the company would enter the retail business in a big way and would soon announce its roadmap. The company is in talks with some of the major international retailers.