Sunday, August 13, 2006
Construction firm to invest Rs.2,000 crores to build malls
Delhi-based real estate firm Spirit Global Construction Limited will invest Rs.2,000 crores in the next three years to develop 60 malls and 15 hotels in Punjab and also announced a tie up with Chennai-based theatre chain Pyramid Saimira Theatre Limited for setting up multiplexes.
``We will develop 60 malls, multiplexes and 15 hotels across Punjab with an investment of Rs.2,000 crores in the next three year,'' SGCL Director Anuj Malhan told reporters in Delhi.
He also said the company has tied up with Pyramid Saimira Theatre for setting up multiplexes in the malls that it planned to construct in Punjab.
About raising Rs.2,000 crores, Mr. Malhan said the company planned to make 50 per cent of the investment needed for the project through the FDI route.
Pyramid Saimira Theatre Ltd Managing Director P.S. Saminathan said the company would take 75,000 to one lakh sq.ft. area on lease at each of the malls for multiplexes, food court and entertainment.
PSTL plans to build up at least three-screen multiplexes. Meanwhile, PSTL is planning to invest Rs.350 crores by 2007 to open about 2,000 screens across India.
``We plan to open 1,953 screens by 2007, of which 1,000 will be in south and remaining in north and western India,'' Mr. Saminathan said.
The investment would be met through internal accruals and Rs.85 crores raised from IPO, which is expected to hit the market by September end, Mr. Saminathan added. - PTI
