Wednesday September 26, 02:01 AM
Emami Realty plans SEZ in Haldia
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By Economy Bureau
Emami Realty, a subsidiary of FMCG major Emami Ltd, is finalising a plan to set up a special economic zone (SEZ) in Haldia. "The group wants to set up an SEZ in West Bengal, but it is too premature to discuss about it now," said Naresh Bhansali, chief financial officer and president of the group. Sources close to the development said Emami Realty is keen to set up an SEZ in Haldia. Any SEZ involves an investment of at least Rs 200 crore, sources said. Meanwhile, Emami Realty has identified 10 projects comprising four IT parks, three shopping malls and three residential complexes in Kolkata, Coimbatore and Hyderabad involving construction of over 50 lakh sqft. With the export of personal & healthcare products growing at a rate of 30-40%, the company is also looking at overseas acquisitions. "Emami is on the lookout for acquisitions in India and abroad for inorganic growth in the FMCG sector," RS Agarwal, chairman of the company, said at the 24th annual general meeting here on Tuesday. "We are keen to put up a production and marketing unit in Bangladesh," said Bhansali. The company, which has presence in 59 countries located in the Gulf, the CIS, Europe and the US, is focusing on increasing export in Russia, the Ukraine, Dubai, Africa, south east Asia and the SAARC countries. The company reported exports of Rs 56 crore last year. It is expected to go up by 30-40% this year. Emami has also started construction of its seventh unit in Guwahati at an investment of Rs 25-30 crore. "With the seventh unit in operation, we will be in a position to meet demands for the next three years," Bhansali said. Net sales of the company were Rs 516 crore in 2006-07, a growth of 26%, while net profit was up 33% at Rs 66 crore. The first quarter of the current fiscal witnessed a growth of 2.5% in turnover at Rs 105 crore, while net profit stood at Rs 9.9 crore.
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