Acquiring land in Nagpur, Surabhi Chemicals has shown their plans to step into the realty sector. The group plans to develop a commercial or residential project in this land.
Surabhi Chemicals has acquired some residential plot in Nagpur, where they will develop either a residential or commercial project. This will mark their entry into the real estate sector. The textile chemicals firm also has plans to expand their realty business to other cities like Surat and Vadodara.
Recently Mahadhan Vincom has bought Surabhi Chemicals from Gala Sarees Group that earlier owned the firm. Under the new owner the firm has decided to expand itself into real estate business as well.
Speaking to the media persons, Surabhi Chemicals & Investments Ltd.’s managing director Manish Patni said that the group, along with the change in the management, plans to focus on real estate.
Mr. Patni informed that the new promoters have decided to make the company one of the best developers in the western India. He added that the main focus of the firm will be western states like Maharashtra and Gujarat.
The group plans to invest around Rs.30 Cr in the real estate markets of Surat and Vadodara, other than Nagpur. It expects to raise Rs.20 Cr from the firm’s internal accruals and the rest from investors.
The firm has not said anything about their plans as how to raise the fund for the project. In the financial year 2012-13, the company is reported to have made a turnover of Rs.10 Cr.
Though the group has not yet decided what sort of project they have to develop in the land acquired in Nagpur. Meanwhile the decision is pending; Surabhi Chemicals & Investments Ltd is engaged in buying out various land parcels in Surat and Vadodara.