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Our Bureau

IPO planned during 2007-08

Hyderabad , Aug. 31

PVR Projects Ltd, focused on irrigation and infrastructure projects, is diversifying into hotels, real estate and plans an initial public offer (IPO) during fiscal 2007-08.

The Rs 150-crore turnover company has floated a company called Prardhana Inns Pvt Ltd for its hotel segment. It will invest Rs 150-200 crore in the next few years to build three-star deluxe hotels with 150 rooms each in Hyderabad, Pune, Bangalore and Chennai.

For the Hyderabad hotel, the company has acquired land in the heart of the city and begun construction.

The same model would be adopted in other cities and the hotels to be named `Prardhana Inns,' would be ready in 24-30 months, according to Mr Satish Kumar Reddy, Executive Director.

Tie-ups for irrigation

PVR Projects, a Hyderabad-registered company, has forged joint ventures with a Turkish Company, Hona Construction, and a Chinese firm, Jiangshu Hydro Construction Group, with identical 51:49 equity structure and has bid for irrigation projects in Andhra Pradesh.

In Andhra Pradesh, it is implementing a part of the modernisation project of the Nagarjunasagar valued at Rs 150 crore.

"We are doing about Rs 800 crore jobs in Maharashtra, where we have been strong for the past 15 years. We want to grow in Andhra Pradesh also, hence the joint ventures," Mr Reddy told newspersons on Tuesday.

While claiming that the company would be able to fund the hotel projects with the help of financial institutions, it was planning for an IPO for roughly Rs 150-200 crore during fiscal 2007-08.

It is in the initial stages and the funds are intended for the diversification in the coming years.

The company, with a claimed order book of Rs 1,000 crore for the next three years, hopes to touch Rs 500 crore turnover during fiscal 2006-07. It is taking up real estate projects, bio-diesel and eucalyptus plantations, Mr Reddy said.

More Stories on : Diversification | Hotels | Real Estate & Construction | Andhra Pradesh

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