Earth Infra plans foray into new biz with Rs 600-cr investment

Realty firm Earth Infrastructures plans to enter into new businesses, like solar energy and rail wagons manufacturing, in tie-up with Japanese firms and has earmarked investment of Rs 600 crore for diversification.
City-based Earth group is currently developing six housing and five commercial projects in Gurgaon, Greater Noida, Yamuna Expressway and Lucknow. Of this, four projects are expected to be delivered next year.
"We are looking to diversify into other businesses. We have identified certain sectors like solar energy, waste management and manufacturing of railway wagons as there is lot of opportunities," Earth Infrastructures Joint Managing Director Vikas Gupta said.

The company is in talks with few Japanese companies for technical collaboration to enter into new business, he added.
Gupta said the company would finalise the diversification plan in 3-4 months.
As part of business delegation, Earth group's top management recently went to Japan where they held initial discussions. The next round of meeting would be held shortly in India.
"The initial investment is estimated at about Rs 600 crore for entering into a new sector. This will be funded through internal accruals," he said.
Asked whether Japanese partner would also invest in the project, Gupta said the company is keen on having technical collaboration but is open to equity participation as well.