Varun group registers 20% growth in turnover

In the current fiscal, the company is expecting 10-12% increase in the turnover, according to Prabhu Kishore, its chairman

The group is setting up a 35-room service apartment and a recreation village in Bhimili with an investment of Rs 50 crore, and a 200-room hotel with Rs 150 crore at Vijayawada

The Varun Group, which is in automobile, hospitality, finance and construction business, achieved a 20 per cent growth in turnover at Rs 2,400 crore during the just-ended fiscal as against Rs 2,000 crore in the preceding year. In the current fiscal, the company is expecting 10-12 per cent increase in the turnover, according to Prabhu Kishore, its chairman.

The automobile sector accounted for about 85 per cent of the turnover, he told mediapersons here today, adding of the total Maruti car sales in AP and Telangana, about 40 per cent was sold by their group. "Two year ago, we entered the heavy vehicles sales market with JCB and Bharat Benz and this year we are expecting more sales in this sector on the back of the new AP capital," he said. Last year, the group sold on average 200 vehicles a day.
 

On expansion, he said they were setting up a 35-room service apartment and a recreation village in Bhimili with an investment of Rs 50 crore, and a 200-room hotel with Rs 150 crore at Vijayawada. The Bhimili project would be ready by this year-end and the Vijayawada one would be completed by by 2017-18.

The company plans to build a 200,000-sft IT tower and a 300-room budget hotel with large size convention centre in the Madhurawada IT SEZ in Vizag.

"The project would require an investment of Rs 300-400 crore, and we have already acquired 2 acres land from APIIC for this purpose," he said.