Pushpanjali builders plans 1,350 cr investment

By Staff
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Google Oneindia News

New Delhi, Sep 1 (UNI) Agra-based real estate builder Pushpanjali Constructions Pvt Ltd will invest Rs 1,350 crore towards its expansion and diversification plans by December 2008, company's Director Puneet Agarwal said here today.

''We have planned to invest Rs 1,000 for the housing projects in the NCR region, Jaipur, Banglore and Ahmedabad,'' Mr Agarwal told reporters at the launch of 'Pushpanjali Meadows', a Rs 200 crore end-users plots and villas project on Delhi-Agra NH-2.

The funding of Rs 1,000 crore will be done through investors' contribution and an initial public offer (IPO) which will bring in about Rs 700 crore to the company, the director said.

''We are also in talks with some other companies for funding of the projects, which will come somewhere in mid-2007. But, we will prefer to go for IPO rather than sharing profits with other companies,'' Mr Agarwal told reporters on the sidelines of the function.

The Pushpanjali Group is venturing in education sector and had plans for opening a Medical College and an Engineering College at Mathura Road.

''We will invest Rs 80 crore in establishing the Medical College and Rs 50-60 crore for the Engineering College'' he said, adding the group had purchased 100 acre land for this purpose.

The building and construction company has annual turnover of Rs 250 crore, and had sold over 6,000 units of houses of various types.

Established in 1986, it is also operating Pushpanjali Hospital and Research Centre in Agra city.

UNI VJ CS HT1715

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