PS gruop embarks on constructing shopping malls in 5 metros

Kolkata, Jan 11(UNI) City based PS group, one of the largest real estate companies in India, plans to set up five huge shopping malls and five exclusive residential complexes in five cities across the country by 2009 with an investment of Rs 2,500 crores.

Announcing the company's plan to establish itself as an all India entity, PS group Executive Director Pradip Kumar Chopra here today said that apart from setting up five shopping malls in Chennai ,Coimbatore, Chandigarh, Pune and Jaipur, they had decided to take up the company's hundredth project in the city office in Kolkata, which would be built as one of the prestigious milestones in over two decades of exsistence.

Asked about his plans to pull huge funds of Rs 2,500 crore, Mr Chopra said apart from collaborating with a world renowned Hedge fund, they were planning to opt for an IPO of several hundred crores during the next couple of years.

However, the proposal was still in the preliminary stages, Mr Chopra clarified in another query. In the past, he said around 50 per of the total cost of the entire project would be generated through a number of banks and other financial institutions while the promoter's contribution would be restricted to around 20 per cent.

Speaking about his plan for expansion, Mr Chopra said the PS group was also poised to expand its network in other parts of the country, including the tier-2 cities in all the four regions, besides the North East.

UNI