Vishal Exports forays into real estate

Vishal Exports Overseas (VEOL), a leading corporate house with Rs 4,000 crore turnover, made its foray into the real estate development by forming a new company Vishal Reality Management.

The company has participated in the tender for development of 65,000 sq. m of prime property near Ghod Daud Road, Surat.

D S Mehta, joint managing director, VEOL said, "This property will be developed on a commercial basis. It will benefit mainly from the growing port activities in peripheral areas."

According to sources, the company has recently acquired plots in Satellite area, Gandhinagar and Surendranagar for development purpose.

Vishal group owns land areas and buildings in prime locations of the city, sources informed.

It has also tied up with developers like Agarwal group.

A four star export house, Vishal Exports' core competence is in agro-based commodities, mainly in soyabean extracts, wheat, rice and sugar.

On the import front, the company mainly deals in vitamins, chemicals and edible oils.

The company is also into export and import of pharma products.

The company has also participated in acquiring a Lime Stone Mine in Chittorghar district, Rajasthan the tender process of which is under evaluation.

VEOL had earlier reported an increase in net sale up by 37.29 per cent at Rs 1,229.92 crore for the quarter-ended March 31, 2006 compared to Rs 895.84 crore in the corresponding quarter last year.

Net profit during the quarter grew by 4.90 per cent at Rs 11.99 crore compared to Rs 11.43 crore in the corresponding quarter last year.

The company has also signed a project development agreement with Government of Uttaranchal Pradesh for carrying out the detailed investigations and confirmatory surveys (IDC) for 5.6 MW Nandakini "" III Hydro Power Project located in the state.

VEOL is also an active player in wind power and has set up an aggregate of 30.45 MW in wind farms located in Tamil Nadu and Rajasthan. It is presently implementing 10 mw wind farm in tamil nadu, which is a part of its new expansion of 100 MW in wind farm to be set up during 2006-07.

Vishal Exports Overseas Limited was established in the year 1988 as a partnership firm.

As a result of its continuous growth, the company achieved a "Star Trading House" status in 1995-96.

Vishal Exports' core competence is in agro-based commodities, mainly in soyabean extracts, wheat, rice and sugar. On the import front, the company mainly imports vitamins, chemicals, edible oils etc.