The Hindu Business Line : Central Parking pumps in Rs 50 cr to drive expansion

Bangalore, April 17 Parking management, which is gaining currency as an organised business and set to see new solutions supported by technology and innovative revenue models, has led a local company to invest Rs 50 crore this year to expand its footprint in the country with a focus on three verticals — airports, retail chains and healthcare

Central Parking Service (CPS), a division of the Building Control Solutions (I) Pvt Ltd (BPS), is already working on parking management in Mumbai, the new Bangalore international airport and shopping mall complexes. It will be setting up a command centre to monitor its parking operations in various cities and for efficient management of its human resources, said Mr N. Sathyanarayan, Managing Director.

6 more cities

CPS will also be extending its footprints to six cities from its current 11.

Parking management was still in the grip of the unorganised sector, with an estimated business potential of Rs 500 crore, Mr Sathyanarayan told Business Line, adding that with increasing pressure on real estate space for parking in large buildings, BPS was toying with ideas like multilevel parking in cities.

The BPS Group, which currently had a turnover of Rs 45 crore, sees CPS contributing a bulk of the earnings, and expects its revenue to more than double during FY2008.

CPS, which provides a range of services including design, planning, traffic flow and traffic control in parking lots with its automated technology, is in talks with a financial services and real estate development company to develop modern parking lots.

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