Alembic forays into Realty

To develop residential project in Vadodara.

Vadodara-based pharma major Alembic Ltd today announced its foray into real estate with its maiden project ‘Shangirla’, a residential project on Alembic Road.

While the company did not want to divulge investment details, it, however, said that the project would be funded through a mix of external borrowing and internal accruals. Shangrila, comprising 1400-2700 square feet flats would take off in the next few months, Alembic said. The project is coming up over a six acre plot.

Alchemy Real Estate, a recently formed development arm of the Alembic Group, would develop the real estate project. “With large land banks in prime locations of the city, Alembic aims to play a significant role in the urban development of Vadodara,” Alembic said in a statement.

 

Alembic’s Board has recently approved the demerger of its core pharma business into a 100 percent subsidiary called Alembic Pharma Ltd and also the reorganisation of its Vadodara undertaking. Post-demerger, Alembic Pharma would be listed in the bourses.The Group owns around 100 acre of land in Vadodara and plans to develop residential and commercial projects in the coming years. Alchemy Real Estate, however, is not a subsidiary of Alembic Ltd and will not be listed following the demerger of Alembic Ltd, the company said.