Business Daily from THE HINDU group of publications
Friday, Oct 12, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Oct 12, 2007 ePaper |
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Marketing
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Infrastructure Industry & Economy - Real Estate & Construction States - Tamil Nadu PGP group plans Rs 500-cr mall outside Chennai The mall would look more like US-based retail outfits, flat rather than multi-storeyed. M. Ramesh Ambarish Mukherjee Chennai, Oct. 11 The Chennai-based PGP group of companies, founded by Dr Palani G Periasamy, proposes to put up a huge mall on 25 acres land outside Chennai city at an investment of Rs 500 crore. Dr Periasamy told Business Line that the project would be executed by a separate company with overseas partners. He said that he had identified the land for the project, but did not want to disclose the location, fearing escalation in land costs. The mall would be unique, he said, looking more like US-based retail outfits, flat rather than multi-storeyed. “It will be a western style indoor mall with enormous parking facility. It will be a spot for family outings and will be a town by itself,” he said. The group has initiated discussion with a few potential partners. Mr Periasamy expects the project to be completed within three years. IPO plansMeanwhile, another company of the group, Appu Hotels Ltd, which owns the Le Royal Meridien 5-star hotel in Chennai, proposes to go in for an initial public offering. Appu Hotels is building another 225-room, 5-star hotel in Coimbatore with an investment of around Rs 200 crore, which is expected to be operational by the end of 2008. A few more hotel projects have been planned. The IPO is to raise funds for the projects, Dr Periasamy said. The IPO would hit the market in May 2008 and discussions with market intermediaries have also started. Other companies of the group are Dharani Sugars Ltd, Dharani Finance Ltd (both listed), and PGP Educational and Welfare Society, which runs engineering colleges in the State. The group was once interested in commercial aviation, but asked if it would enter the sector again, Dr Periasamy said that he might look at setting up a regional airline. More Stories on : Infrastructure | Real Estate & Construction | Shopping | Tamil Nadu
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