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Ritesh Industries marks its foray into Realty
Signs deal for Rs.800 Cr
Mumbai, February 9, 2007
Ritesh Industries (BSE: 526407), a leading company with business interests in garment exports has marked its foray into realty. The company has entered into a joint venture agreement with developers Ansal Properties and Infrastructure (API) for developing a premium housing project and a business park in Ludhiana. The land is located at a prime location on Ludhiana-Chandigarh state highway. The total projected revenue will be about Rs.800 crs.

The project, christened as Hampton Court spreads across 42 acres on the Ludhiana-Chandigarh road, well within the municipal limits of Ludhiana city. Initial work on the project has already started and the project will be launched in a month’s time.

Announcing the agreement, Mr. Sanjeev Arora, Managing Director, Ritesh Industries said, “Ludhiana is growing very fast and there is an increasing need for quality housing especially in the city outskirts away from the city congestion. This township is designed to address that need and will offer ultra-modern, high-quality community living. “

Commenting on the Joint Venture, Mr. Deepak Sachdev, President, Ansal API said: “I am extremely happy to announce this mega project with Ritesh Industries as this marks our foray into Ludhiana. The strategic location of the project will be a key factor for its success in days to come. This Project will be another landmark from Ansal API and like our earlier projects, we are committed to the quality construction and creating value for our customers. ’’

It will take two to three years to complete the project and the company is expected to benefit Rs 1.50 billion from the project.

The premium housing project and the business park will be amidst peaceful environment in the outskirts of Ludhiana, away from the hustle-bustle of the city but in the close vicinity of prime locations in Ludhiana. The project will emphasize creation of a self-contained development, in order to foster harmonious community living.  All basic amenities and support infrastructure club, community hall, local shopping centre, post office, bank, health care centre, schools (nursery / crèche, place of religious worship, designated recreational spaces like playgrounds for children, jogging tracks, office, ample parking lots etc. will be part of this premium project.

 About Ritesh Industries:

Ritesh Industries is a leading company with business interests in garment exports. A public limited company, Ritesh Industries is based in Ludhiana under the leadership of Mr. Pran Arora, Chairman of the company. The company is listed on the Mumbai, Delhi, Kolkata and Ludhiana Stock Exchanges.

About Ansal API
APIL is the flagship Company of the Ansal API Group, which is driven by the pioneering vision of Mr. Sushil Ansal as its Chairman. With almost four decades of pioneering and successful track record of real estate promotion and development, both in residential and commercial segments, its greatest strength lies in its inherent ability to identify new growth opportunities. Starting with Ansal Plaza, which has ushered in the shopping mall revolution in the country, development of well known Satellite Townships under the banner of “Sushant City” and land mark high rise commercial properties, the Company has now taken on the baton of pioneering development in many spheres like foray in SEZ’s apart from tier II cities. The company recently received Certification of Environmental management System - ISO 14001:2004. Ansal API is also awarded as the “Most Trusted Real Estate Brand by Reader’s Digest in 2006”.  An ISO 9001:2000 company, it has gained recognition as a premier organization in the field of housing, institutional, commercial and industrial development.

For details contact:
Prafull Sawant                                    
Prana Public Relations
Mobile: 98925 65480
Tel: 022 2288 4046/ 48/ 49
Email: prafull.sawant@pranapr.com 

 

The Economic Times
http://economictimes.indiatimes.com/articleshow/1850505.cms?epaper

 

Property Bytes
http://propertybytes.com/?p=851

 
The Hindu Business Line : Ansal to invest Rs 10000 cr in Punjab
http://www.blonnet.com/2007/02/07/stories/2007020701672300.htm
 
Ansals bullish on Punjab
http://www.tribuneindia.com/2007/20070207/biz.htm#10
 

Ritesh Industries Alloting 25 Lakhs Shares
http://www.domain-b.com/investments/markets/rex_mathew/20070219_markets.htm

 
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