Business Daily from THE HINDU group of publications
Saturday, Sep 02, 2006
Business Daily from THE HINDU group of publications Saturday, Sep 02, 2006 |
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Markets
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IPOs Industry & Economy - Real Estate & Construction Our Bureau
New Delhi , Sept. 1 Realty developers Aerens said on Friday that it was planning to tap the capital markets in the latter half of 2008 to raise Rs 1,000 crore through issue of its IPO. The amount would be used for its future projects. Currently, the company is developing residential projects overseas in Australia, Thailand and the UK, with investments of Rs 100 crore each in all three countries. Meanwhile, the company announced the setting up of its 50:50 joint venture between Evershine Buildwell Pvt. Ltd, part of Aerens Group and Wianxx Impex Pvt Ltd to float `Aerens Europark,' a mall, spread over 7,50,000 sq. ft, in the Delhi NCR region. The company would be investing Rs 200 crore for this project. "Having worked with some of the finest hypermarkets in the European Union (EU), we decided to leverage on the vast untapped potential in the retail sector in India. Even though the retail sector has seen unsurpassed growth over the last few years, there exists a latent demand for newer formats like hypermarkets. Aerens Europark is our first project in India and we are extremely optimistic about it. Once complete, seeing the magnitude of the project, we are expecting the footfalls to range from 15,000 to 40,000 approximately on weekdays and weekends respectively," said Mr Rajeev Anand, Director, Wianxx Impex Pvt Ltd. Mr Ankur Gupta, Director, Evershine Buildwell Pvt.Ltd said, "The idea behind launching this unique project was to create an all encompassing entertainment city, with a plethora of entertainment options like shopping, dining and watching movies for all age and income groups. The location is excellent in terms of visibility, commercial viability, logistics, transport and market reach and is in close proximity to the upcoming metro station in the area." The company is currently developing residential properties in Karnal and Jaggadhari in Haryana and is also planning a 1000-acre township in Rajasthan with an American partner. "We are in the process of acquiring land in the State and the project would cost about Rs 15,000 crore," Mr Gupta said. The company has also identified nine locations across the country, which are in different stages of finalisation.
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