Kolkata, Jan. 3
THE D S Kulkarni group, a major player in the construction sector, has entered the US market for developing projects in New Jersey and New York.
The group, which has set up an office in New Jersey, is keen to tap the potential of what it feels is a promising market, especially so because of the presence of a large number of Indians who have migrated to these US cities.
The company, which now plans to enter the West Asian market with a turnkey project as well, is keen to expand its domestic operations. Currently, its domestic projects are focused on cities such as Pune, Mumbai and Bangalore. The idea, said Mr D.S. Kulkarni, Chairman, was to tap the emerging opportunities in Hyderabad and Goa.
The group, which has a combined turnover of around Rs 800 crore, hopes to achieve a turnover of about Rs 1,100 crore soon. Construction, one of its key activities, is expected to contribute to roughly Rs 600 crore. Its other businesses include information technology, engineering, hospitality and pharma.
The group's software division, DSK Infotech, aimed to increase its turnover (which now stands at Rs 40 crore) to Rs 100 crore, Mr Kulkarni said, adding that the division was into Linus and Red Hat Learning, and software development for MNCs. It is now set to introduce animation degree courses.
Meanwhile, D S Kulkarni Developers, the group flagship, has proposed to go ahead with a composite rights-cum-public issue, a move that has been ratified at a recent EGM. The company had earlier informed the stock exchanges that its board has decided to come up with a 1:1 rights issue at a premium of Rs 90 per share.
On Tuesday, the company's stock closed at Rs 215.80 on the NSE, marking the 52-week high. It closed at Rs 205.50 on the previous day.