Parsvnath to develop 2 SEZs
Parsvnath IPO launched
| The proposed SEZs will be in Moradabad and Agra. |
| "We have received in-principle approval for the projects and it will take 6-9 months for the other formalities to be completed," said Sanjeev Jain, the managing director of the company. |
| The company has plans to set about 15 SEZs across the country, of which eight projects have received in-principle approval. |
| "We will be taking land directly from the farmer at market prices. Also, each SEZ has been designed in accordance with the needs and qualities of the city. These zones will range from 25 to 2,500 acres of land," added Jain. |
| "We have selected the two cities on certain considerations. Agra has great leather export potential while Moradabad's handicrafts are world famous," said Sunit Sachar, COO (UP). |
| Jain was in Lucknow to announce the company's foray into the capital market with the initial public offer of up to 33,238,000 equity shares of Rs 10 each for cash. |
| The ongoing project of the company in the city named Parsvnath Planet has residential flats which are supposed to be ready by 2009. However, the sale for the flats is already on and the company officials say approximately 85 per cent are already sold out. |
| The company has a plan to come up with a mini township project at Faizabad road, Lucknow, spread over about 35 acres of land. |
| "We hope to get approval for the project in another couple of months from now," added Sachar. |