With the change in the management team, Surabhi Chemicals has decided to foray into real estate sector as well. The textile chemicals firm has bought land parcel in Nagpur for developing realty project.
Surabhi Chemicals, one of the leading textile chemical developers, has signaled that they would enter real estate market by buying out land parcels in Nagpur, the city where the firm is based.
It was very recently that Surabhi Chemicals got new management team. Along with the new management team the group has decided to enter into new areas including real estate development segment.
The firm plans to develop a realty project in Nagpur where they have purchased a piece of land. However the firm has not revealed what kind of project they are yet to develop in this plot. The group officials say that the firm has plans to develop either a residential project or a commercial one.
Though the group has not yet decided on their first project as what it should be, the group has started buying out land parcels in other areas and cities like Surat and Vadodara.
Surabhi Chemicals & Investments Ltd.’s MD Manish Patni, while disclosing the group’s plans to enter into real estate sector, said that along with the change in the management the group plans to enter into other sectors including real estate. He was speaking to the media.
The group MD said that the group aims to become one of the leading developers, especially in the western India, where they are focusing now. Currently the group will focus on the realty in Maharashtra and Gujarat, informed one of the officials of the firm.
Projects are to be developed with an estimated investment of Rs.30 Cr. The group, for time being, plans to meet the fund from its internal accruals. The firm hopes to raise Rs.20 Cr in this way. The group has not yet said how it will raise the remaining fund.
