Gitanjali Infra expands in realty biz
The unlisted subsidiary of Gitanjali Group, Gitanjali Infratech
July 13, 2010 | comments ( 0 ) |
The unlisted subsidiary of Gitanjali Group, Gitanjali Infratech has plans to expand itsproperties in Andheri and Borivali for commercial and also for residential purposes in thecoming two to three years.
The company is projecting to get the revenue of Rs 525 crore from both the projectson investing around Rs 100 crore in the same time span. “This is mainly being done tounlock the value of the land bank. The company has a good establishment in the retailand lifestyle business and that will be the core business of the company. We expect tomake revenues of about Rs 400 crore from the Borivali space and additional Rs 125 crorefrom the Andheri space," said Mehul Choksi, CMD, Gitanjali Group.
The company believes that the property would take time to get mature and then it canexpect the returns.
The company is also betting on expanding its retail business in the financial year 2010-11. It plans to roll out 500 stores, which apart from selling jewellery will display watchesunder its private label Gili. “Last year, we added 3 lakh square feet of retail space, whichwe have now finished. This year we are adding 3 lakh more to further boost our retailpresence,” Choksi said.
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