Gitanjali Infra expands in realty biz

The unlisted subsidiary of Gitanjali Group, Gitanjali Infratech

The unlisted subsidiary of Gitanjali Group, Gitanjali Infratech has plans to expand its
properties in Andheri and Borivali for commercial and also for residential purposes in the
coming two to three years.

The company is projecting to get the revenue of Rs 525 crore from both the projects
on investing around Rs 100 crore in the same time span. “This is mainly being done to
unlock the value of the land bank. The company has a good establishment in the retail
and lifestyle business and that will be the core business of the company. We expect to
make revenues of about Rs 400 crore from the Borivali space and additional Rs 125 crore
from the Andheri space," said Mehul Choksi, CMD, Gitanjali Group.

The company believes that the property would take time to get mature and then it can
expect 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 watches
under its private label Gili. “Last year, we added 3 lakh square feet of retail space, which
we have now finished. This year we are adding 3 lakh more to further boost our retail
presence,” Choksi said.