Two of Parsvnath Developers'(PDL) proposed special economic zones (SEZ) in Indore and Gurgaon have already been notified. Report suggests the company is looking to divest about 30%-40% equity stake in both the SEZ projects to financial institutions. The deal size is expected to be in excess of Rs 2,000 crore for both the SEZ projects put together.
The two notified SEZs will have a total developable area of about 17 million square feet (sq ft). In addition, the company also has three formally approved SEZs at Dehradun, Kochi and Hyderabad with total developable area of 11.70 million sq ft and seven SEZs with an in-principle approval.
Delhi-based Parsvnath Developers currently derives most of its revenue from residential and integrated township projects in Harayana and Uttar Pradesh. It has presence in 17 Indian states.
Parsvnath Developers' net profit rose 131.1% to Rs 84.46 crore on a 40.2% increase in sales to Rs 346.16 in Q1 June 2007 over Q1 June 2006.
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