Sobha Developers to diversify projects portfolio

Kolkata, Nov 20: Leading real estate development and construction company Sobha Developers Limited (SDL) plans to diversify portfolio of projects by developing hotels, integrated townships, malls, multiplexes and shopping complexes.

SDL, presently, derives 63 per cent of its revenue from residential and commercial projects and has land reserves of 2,747 acres in 78 locations in seven cities, sales and marketing director Jackbastian K Nazareth told reporters.

The company has entered into a MOU with Reliance Eenergy Ltd to participate in a consortium in response to EOIs invited by Andhra Pradesh Industrial Industrial Corporation for business district development projects in Hyderabad. The company has also entered into a tie up with Tree Hill Private Limited to construct and develop real estate in Trissur, Kerala.

SDL also intends to pursue contractual projects for existing clients and build corporate client base. SDL has executed contractual projects for Infosys Technologies Ltd, Motor Industries Company Ltd and Taj Group of Hotels, he said.

He said the company's residential projects were mostly in Bangalore. SDL is geographically diversifying its real estate and construction business into Mysore, Pune, Kochi, National Capital Region of Delhi, Thrissur, Chennai, Mumbai, Mangalore, Coimbatore, Jaipur, Goa and Hyderabad.

SDL is also diversifying into retail products in the nature of furnishings and interiors, he said.

SDL would launch its IPO of 88.93 lakh shares of Rs 10 each at a price band of Rs 550-640 per equity share from November 23.

UNI