Pen Group to diversify into real estate, tourism

Kochi, Sep 24 (UNI) The Kerala-based publishing house Pen Group has announced its diversification into the real estate, retail and tourism sectors to target a turnover of Rs 100 crore by next year.

Addressing a press conference here last night, Pen Group Managing Director Poli K Ayyamballi said the group presently had a turnover of Rs 35 crore. It was targeting to increase it by three times by next year, mainly on the basis of its ambitious real estate ventures.

Among the group's first real estate foray was the 'Pen Airport Village', coming up close to the Nedumbassery International Airport near here. The 60 acre complex consisted of more than 450 plots of ten cents each for residential purposes.

Priced at Rs 95,000 per cent, almost 90 per cent of the plots in the village had been sold out, he said.

Another upcoming project was 'Saayanthanam', a retirement home, at Manjapra, ten km from the Nedumbassery Airport. This consists of 120 villas, set in 5 cents each, priced at Rs 17.5 lakh. The homes are scheduled to be completed in 18 months' time, Mr Ayyamballi said.

The group also had plans to develop holiday villas at popular tourist centres like Vagamon, Munnar, Thottapalli in Alappuzha and Cherai beach in Ernakulam district, he said.

Talking of the ventures in the retail sector, Mr Ayyamballi said Pen Group had plans to develop a chain of 30 'Treasure Hunt' showrooms in different parts of Kerala, selling imported articles such as gifts, toys, paintings, books, crockery and antiques. While the first 'Treasure Hunt' showroom has already been opened in Kochi, the next few will be opened at Kozhikode, Thiruvananthpuram, Thrissur and Aluva.

The group was also planning to open its overseas offices in Dubai and Sharjah next year, he said.

The company, which was started with a capital of Rs four lakh 12 years ago, was considering coming out with an Initial Public Offering (IPO), he added.

UNI ARC JJ 1144