Ansal puts Gurgaon, Greater Noida IT SEZ projects on hold
The Hindu Business Line, March 20, 2009, Page 17
To wait for elections to get over and decide on course of action.
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“Given the global downturn in the IT business, we will have to decide whether we want to go ahead or turn it into a commercial or housing project since we already have the land.”
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Our Bureau
New Delhi, March 19 Real estate company Ansal Properties and Infrastructure Ltd on Wednesday said its two IT SEZs, in Gurgaon and Greater Noida, are on ‘hold’ till the elections get over. “We are waiting for the elections to get over, and then we will take a call on the course of action depending on the policies. Given the global downturn in the IT business, we will have to decide whether we want to go ahead or turn it into a commercial or housing project since we already have the land,” Mr Pranav Ansal, Managing Director and Vice- Chairman of Ansal Properties and Infrastructure Ltd, told reporters here.
Debt-equity ratio
Asked about the recent reports that the RBI is examining the books of several real estate companies to verify their solvency and assess risks arising from possible defaults on various loans and public deposits, Mr Ansal said, “We do not foresee any risk, as we are not a very leveraged developer.”
He said that the current debt of the company was about Rs 1,000 crore, while the debt to equity ratio stood at 1:1. “Our debt serving ratio is also very reasonable. And we do not have to repay any debt by March 2009. As far as the overall debt is concerned, we have enough cash flow to service them,” he said.
Mr Ansal was speaking on the sidelines of a conference by a property broking company, the Delhi-based Agni Property, in which he owns about 10 per cent stake in his personal capacity. Agni plans to invest Rs 60 crore to expand its network across the country. Other investors in Agni include Mr Samarjit Singh, Managing Director, and Mr Sunjay Kapur (Vice-Chairman and Managing Director of Sona Koyo Steering Systems), and Mr Rishi Khosla (CEO of Copal Partners and a private equity investor). The company has three offices in Delhi NCR and one in Chandigarh. It now plans to open offices in the western region in the first quarter of 2009-10 and in the southern region, in the last quarter of 2009-10. The company says it is in talks with PE players to raise funds required for expansion.
The Hindu Business Line, March 20, 2009, Page 17
To wait for elections to get over and decide on course of action.
--------------------------------------------------------------------------------
“Given the global downturn in the IT business, we will have to decide whether we want to go ahead or turn it into a commercial or housing project since we already have the land.”
--------------------------------------------------------------------------------
Our Bureau
New Delhi, March 19 Real estate company Ansal Properties and Infrastructure Ltd on Wednesday said its two IT SEZs, in Gurgaon and Greater Noida, are on ‘hold’ till the elections get over. “We are waiting for the elections to get over, and then we will take a call on the course of action depending on the policies. Given the global downturn in the IT business, we will have to decide whether we want to go ahead or turn it into a commercial or housing project since we already have the land,” Mr Pranav Ansal, Managing Director and Vice- Chairman of Ansal Properties and Infrastructure Ltd, told reporters here.
Debt-equity ratio
Asked about the recent reports that the RBI is examining the books of several real estate companies to verify their solvency and assess risks arising from possible defaults on various loans and public deposits, Mr Ansal said, “We do not foresee any risk, as we are not a very leveraged developer.”
He said that the current debt of the company was about Rs 1,000 crore, while the debt to equity ratio stood at 1:1. “Our debt serving ratio is also very reasonable. And we do not have to repay any debt by March 2009. As far as the overall debt is concerned, we have enough cash flow to service them,” he said.
Mr Ansal was speaking on the sidelines of a conference by a property broking company, the Delhi-based Agni Property, in which he owns about 10 per cent stake in his personal capacity. Agni plans to invest Rs 60 crore to expand its network across the country. Other investors in Agni include Mr Samarjit Singh, Managing Director, and Mr Sunjay Kapur (Vice-Chairman and Managing Director of Sona Koyo Steering Systems), and Mr Rishi Khosla (CEO of Copal Partners and a private equity investor). The company has three offices in Delhi NCR and one in Chandigarh. It now plans to open offices in the western region in the first quarter of 2009-10 and in the southern region, in the last quarter of 2009-10. The company says it is in talks with PE players to raise funds required for expansion.
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