Neotia: Solid foundation

Calcutta, Jan. 11: Ambuja Realty will go ahead with its plans to diversify into real estate, hospitality, life care and education at a time when the economy is in the grip of a slowdown.

Harshavardhan Neotia, chairman of Ambuja Realty, said the company had not deferred any projects. “We are expanding in all business areas,” he said. Since its inception two years ago after the Neotia family sold its stake in Gujarat Ambuja to Holcim, the company has invested Rs 1,200 crore in various projects, with real estate being the primary focus.

In the early nineties, the Neotias had made their foray into housing through Bengal Ambuja Housing Development Ltd in a joint venture with the Bengal Housing Board.

Ambuja is now executing projects in Chhattisgarh, Punjab and Maharashtra. It is building a retail and residential complex in Chhattisgarh’s Raipur along with townships in Amritsar and Mohali in Punjab and at Mihan near Nagpur in Maharashtra.

In Bengal, it is busy with its projects in Siliguri, Calcutta (EM Bypass) and Santiniketan. The company is engaged in several retail projects in Bengal and Chhattisgarh under the City Centre brand. It is building two IT parks — Ecospace in Rajarhat and another one in Nagpur.

Ambuja Realty is also expanding in the hospitality segment. The company wants to build hotels and manage them, too. “You have to start somewhere. We have gained some experience running the Ffort after the Radisson agreement ended,” Neotia said.

By the middle of this year, the company will be ready with its 150-room hotel in Rajarhat.

The company is also putting up a food and beverage business. Tea Junction sells snacks at affordable prices. It has also built a premium restaurant Afraa at City Centre in Salt Lake. It runs a restaurant in Siliguri, too.

In life care, Bhagirathi Neotia Women & Child Care Centre is already a success. Its plan to build a 1,000-bed hospital with an Israeli partner in Calcutta has hit a hurdle but is being pursued.