SRS Group to invest Rs. 1,000 cr & bring IPO by FY-09

The SRS Group, another leading name in the Indian real estate business, has declared that it will invest about Rs. 1,000 crore within the next 3 years. The investment outlay will be sourced from a mix of debt and equity that includes an Initial Public Offering (IPO) by the end of the present fiscal year. While addressing a press conference declaring the investment-strategy of the Group, Dr. Anil Jindal, Chairman, said that on the total proposed investment of Rs. 1,000 crore, Rs. 500 crore will be invested in their retail business, Rs. 350 crore in setting up multiplex cinemas and Rs. 150 crore in the expansion of food and beverage business. He also revealed about their upcoming projects which include a five-star hotel in Haryana, a multi-storey residential complex and IT park. "Albeit we are presently extended in Delhi and NCR regions, but our business-model ensures that the consumers will experience our every category of service in their vicinities at the reasonable prices. We can proudly state that the shopping-trend at our organized retail outlets will grab hold on the tier-2 cities in a big way within a next couple of years," said the President of the SRS Group, Mr. Tinku Singh. The Group, which has presently 35 organized retail outlets, looks forward to augment this number to 100 by the end of current fiscal year. It also ogles at building 15 metro-based hyper markets with an area of 50,000-80,000 sq. ft. for each. On the other hand, it has also decided to open SRS Kisaan Bazaar in rural areas which would help the marginal farmers to procure agricultural equipments at a very reasonable price.