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New Delhi, Dec 12 The Delhi-based real estate company, Parsvnath Developers Ltd on Wednesday said it has incorporated a subsidiary ‘PDL Assets Ltd’ to carry on asset management and asset holding activities.

When contacted, Mr Pradeep Jain, Chairman of Parsvnath Developers’ – which recently announced its foray into telecommunications and retail sectors – said the proposed company would be operationalised in January-March.

“There are attractive assets in the market…a lot of properties including shopping malls that we can buy and bring under this asset management company, and when SEBI permits Real Estate Mutual Funds and Real Estate Investment Trusts (REITs), we can unlock the valuation,” Mr Jain said adding that the asset management company would entail IT parks and retail spaces.

Parsvnath currently has 15 million square feet of commercial space in its land bank, Mr Jain said but added that PDL Assets would do business independently by acquiring properties from the market.

In August this year, Parsvnath had announced that it is forming a special purpose vehicle to foray into the mobile services space. The company submitted applications to the Department of Telecom for providing unified access service in 22 telecom circles across the country. The Group plans to hold at least 26 per cent stake in the SPV.

In yet another foray, the company had recently announced it plans to enter the retail space for which it is talking to a few international players. “We are planning to enter the retail space — hypermarkets and departmental stores and are talking with some international operators to do franchisee tie-ups,” Mr Jain had earlier said.

The Parsvnath share on the BSE was up 3.06 per cent at Rs 428.95 against the previous close of Rs 416.20.

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