The Hindu Business Line : Parsvnath gets in-principle nod for SEZ projects

Leading real estate developer Parsvnath Developers Ltd on Wednesday said that the company has obtained "in-principle" approvals for the development of special economic zones (SEZs) at various locations across the country.

These include Kancheepuram (Tamil Nadu), Dehradun (Uttaranchal), Indore (Madhya Pradesh), Hyderabad (Andhra Pradesh), Sonepat (Haryana), Moradabad and Agra (Uttar Pradesh), Pune (Maharashtra) for multi-product, IT, bio-tech, food processing, handicrafts, leather and leather products, automotive components, gems and jewellery, and so on. In-principle approvals were awaited in respect of seven SEZ projects, it added.

Parsvnath had recently bagged a township project at Chandigarh viz., Rajiv Gandhi Integrated Township from the Chandigarh Housing Board amidst tough competition. This project envisages development of an integrated township on 123.79 acres comprising residential, commercial, studio/service apartments, open spaces, parks, roads, commercial parking, sports complex and recreation club.

The company, on Wednesday, announced its results for the first quarter and said that revenues were Rs 249.01 crore, while profit before tax amounted to Rs 54.20 crore.

Bonus issue

Further, the company's board has also recommended the issue of bonus shares to existing shareholders in the ratio of one equity share for every two existing equity shares held by capitalisation of profits to the extent of Rs 49.46 crore. Consequently, the paid-up share capital of the company will get enhanced to Rs 148.40 crore from the existing Rs 98. 91 crore.

Commenting on the results , Mr Pradeep Jain, Chairman, Parsvnath Developers Ltd, said, "We have been strengthening our position in all the verticals of real estate development. The results are indicative of the good performance that the company has been showing. We are looking at a consistent, healthy growth throughout this financial year as well."

The company has a pan-India presence having projects in 113 locations across 14 States consisting of 31 residential, 27 commercial, 19 integrated townships, 14 hotel projects, 3 IT parks, 11 DMRC build, own and transfer projects and 8 SEZs.