Parsvnath signs MOU with Gujarat Govt, to invest Rs.1600 crores over 2-3 years

Parsvnath Developers Ltd has announced that on February 17, 2007 the Company has signed a MoU with Government of Gujarat for developing various projects at an investment of Rs 1600 crores over a period of 2-3 years. The Company will develop townships, group housing, commercial complexes, IT Parks amongst others at Ahmedabad, Bhavnagar, Rajkot, Vadodra, Surat, Jamnagar and other districts of Gujarat.

With this, the Company becomes a key player in committing large investments in Gujarat by way of real estate projects. A memorandum of understanding (MOU) between the Company and Government of Gujarat (GOG) was signed. Mr. Ashim Gandhi, Vice President, (Gujarat and Strategic Planning) of the Company signed the MOU with Mr. K Srinivas, Managing Director of GODC at Ahmedabad in the presence of Chief Minister Narendra Modi.

Some projects are being implemented with immediate effect.

The Government of Gujarat in the Vibrant Gujarat Urban Summit 2007 has invited investment from the real estate developers to develop townships, participate in the construction & management of Utilities in the State of Gujarat and facilitate implementation of such projects / activities.

Source : Equity Bulls

Keywords