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Our Bureau

Kolkata , Oct. 4

AS part of its restructuring exercise, NuCent Finance Ltd, a member company of the Pressman Group, has exited from the financial services business. The company has informed the Reserve Bank of India of the decision and now intends to diversify into real estate and development business in a big way.

The company has finalised a Rs 45-crore investment plan for undertaking its maiden real estate venture at Siliguri in West Bengal.

Announcing this here on Tuesday, Dr Niren Suchanti, Chairman & CEO of the Pressman Group, said the name of NuCent Finance would shortly be changed, synergising the type of diversified business it proposes to take up.

NuCent Finance, a listed company on BSE and NSE, earned a net profit of Rs 57 lakh in the quarter ended September 2005, while the half-yearly net profit for the current year stood at Rs 75.96 lakh; its equity base was Rs 2.81 crore.

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