Saturday September 29, 02:22 AM
Real estate: Bajorias plan Rs 1000cr investment
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By Corporate Bureau
The Hooghly Enterprises, owned by the Bajorias, has planned to replicate the E-Mall in three states. The company has lined up an investment of Rs 1,000 crore in several real estate projects over a period of five years. "We have planned to replicate the E-Mall in West Bengal , Orissa and Assam . There will be one mall each in Durgapur, Siliguri, Guwahati and Bhubaneswar," said Sanjay Kumar Bajoria, CEO of Hooghly Investments Ltd. "These E-Malls will be smaller, covering 70,000 sqft, unlike the flagship E-Mall at Kolkata," Bajoria said. The Hooghly Enterprises is already in talks with electronics majors like Samsung, LG and E-zone, apart from information technology companies. An investment of Rs 35 crore was made in The Kolkata E-Mall, which is in a G+3 format, while the investment for the proposed ones is likely to be less. "The E-Mall in Kolkata is likely to generate a monthly turnover of Rs 30-40 crore," he said. Bajoria told reporters at the inaugural function of the E-Mall, Kolkata, "We have also planned to open two more malls in Barrackpore and Howrah . These are 3 lakh sqft facilities aimed at people from the middle class," he said. The Hooghly Enterprises is talking to retail majors like Wal-Mart, Pantaloon and Spencer's. Fun Republic , the entertainment arm of the Zee network, is also interested in opening multiplexes. "The typical investment for each such mall will be about Rs 50 crore," he said. The Hooghly Enterprises is awaiting the state government's approval for its Rs 500-crore residential complex at Garden Reach
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