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Ashok Piramal Group looking to expand

The Ashok Piramal Group, which has business interests in textiles, real estate, engineering, entertainment and sports, is looking at expansion. The three sons of Ashok Piramal—Rajeev Piramal, vice-chairman, Peninsula Land Ltd, Harsh Piramal, vice-chairman, Morarjee Textiles Ltd, and Nandan Piramal, vice-chairman, Jammin Entertainment—said in an interview that the group is looking to invest Rs2,500-3,000 crore to just buy land and also diversify into new businesses.

Edited excerpts:

Growth optimism:
Peninsula Land’s Rajeev Piramal.

You had to put some of your expansion plans on hold, especially the hospitality venture. Are things back on track on that?

Rajeev Piramal:
Hospitality is still on the back-burner. Our focus right now is to get our existing (construction) projects out of the way and then looking at a whole spate of new projects. So we have a number of new acquisitions that we are working on.

We are one of the few real estate companies that still have a healthy balance sheet. We are not leveraged heavily and we have cash available, etc. So our focus is to get our existing projects out and completed where we pre-sold most of our space, and then to really expand and ramp up our presence as well. So we are looking at putting in Rs2,500-3,000 crore towards land acquisition alone in the next 18-24 months. And that is our target right now. Source: Livemint << Back