Jindal Aluminium, one of India’s largest manufacturers of aluminium
extrusions, plans to venture into real estate business to monetise its
360-acre land parcels spread on the outskirts of Bengaluru, Delhi and Mumbai.
The company is also scouting for more land to make a success of this strategic
initiative, which is being led by its recently-elevated Managing Director Pragun Jindal
Khaitan.
In the first phase, Jindal Aluminium is looking to form
joint ventures with real estate firms to develop residential projects on its
land parcels. It is likely to enter the commercial real estate segment later.
“Venturing into real estate business is part of our diversification strategy
that will also enable us to monetize our existing land bank built at historical
prices,” Khaitan told ET.
“We are looking at developing these land parcels in phases.
Over the next 8-10 years, along with these planned developments, we will also
be looking to build capability and skill set to take this new vertical
further.” Khaitan, who has majored in finance and strategic management from the
Wharton School of the University of Pennsylvania, will also be focusing on
organically growing each of the company’s business verticals, including
aluminium extrusions, aluminium rolling, renewable energy
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