The Hindu Business Line : Ambuja Realty investing Rs 2,900 cr

Kolkata April 20 In a bid to have a national footprint, Ambuja Realty Development Ltd (ARDL) is planning to invest nearly Rs 2,900 crore in real estate projects in Punjab, Maharashtra and Chhattisgarh, according to Mr Harshavardhan Neotia, Chairman, ARDL.

"Real estate is a local business. It requires lot of local knowledge pertaining to people and property. We chose these places since we already had cement factories there," Mr Neotia told Business Line. The company expects to commence construction work on these projects by the end of the year.

ARDL has a strong presence in West Bengal through its joint venture (Bengal Ambuja Housing Development Ltd) with the State Government. The company now plans to set up a 122-acre township in Amritsar (Punjab), an IT Special Economic Zone (SEZ) in Nagpur (Maharashtra) and a mall-cum-hotel in Raipur (Chhattisgarh). The company has earmarked investment to the tune of Rs 2,000 crore for the township project, Rs 600 crore for the IT SEZ and Rs 300 crore for the hotel and the mall.

The company plans to fund the investment through a combination of debt and equity, Mr Neotia said without divulging further details.

In West Bengal, ARDL plans to set up hotels in Kolkata, Siliguri and Haldia. The company, which already runs Fort Radisson Hotel in Kolkata in partnership with Radisson Hotels and Resorts, is yet to decide on choosing its partner for the proposed projects.

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