Business

Shriram Properties to focus on retail, hospitality space

BANGALORE: Shriram Properties, part of the $5.5 billion Shriram group, plans to create subsidiaries to develop the retail and hospitality space in new and existing markets, Managing Director M. Murali said here on Thursday.

The company will set up offices in Ahmedabad and Jaipur for this purpose.

Speaking to reporters here after unveiling the new logo of Shriram Properties, symbolising plans for a pan-India presence, he said, “Going by official statistics, close to 9 per cent of overseas buyers of properties invested with us last year. Walton Street Capital and Starwood Capital, both from the U.S., have invested in our projects; we expect Walton’s $1-billion India Equity Fund, to bring us more funds.”

Global Head (Marketing) A. R. P. Raman said, “We have a land bank of 1,520 acres in different locations and are negotiating for more. The SEZ for information technology firms, developed near Chennai, will have 6.3 million sq. ft. space and altogether projects with 73 million sq. ft. space are lined up.” Plans for another SEZ in Kolkata were being finalised, he added.

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