Girish Purvankara, MD of Purvankara Projects said that the money raised from the public issue will be utilized for buying more land. 

They have developments happening in Bangalore, Kochi, Chennai and Coimbatore.

Excerpts from CNBC-TV18's exclusive interview with Girish Purvankara:

 

Q: What is the object of the issue? Do you intend to increase your land bank and what acquisition plans do you have?

A: The object of the issue is that the money, which will be raised will be utilized for lands. We have developments happening in the southern part of India, in Bangalore, Kochi, Chennai and Coimbatore.
We would probably be looking at buying more land in these parts of the country and looking at other new cities.


Q: What is your current land bank right now and how much are you essentially looking to raise out of this IPO?

A: I cannot disclose the exact land bank area. But from the Draft Red Herring Prospectus, or DRHP that we had filed, there is a change in numbers.


Q: Give us an idea of the breakup that you have between projects within the country and those outside. Currently, you cover both Colombo and the UAE abroad. How much does it contribute to your total revenue?

A: We have just acquired a property at Colombo. We have not started any development as the planning is on.
In the Middle East, we are not doing any development but we have been marketing our properties for the past more than twenty years.  


Q: Could you tell us about the JV that you have with Keppel Investment of Mauritius and what plans do you have with them in terms of development in the country?

A: We have the JV with Keppel Investment to develop residential properties in the country. There is one project in Bangalore, which is already on and the second project is yet to start. We are starting the third project in Kolkata and are looking at more projects in the country, in other cities like Pune and Chennai.


Q: The kind of growth rate that you had of roughly about 89-90%, between 2003 and 2006, would you be able to maintain that gallop?

A: Definitely, because the kind of properties that we are holding in the southern part of the country. We have some very prime properties, in central locations and we definitely expect to do better, going forward.

Q: Could you break up your land bank into how much is commercial, residential and how much is on the retail front?

A: Residential is around 80% and 20% is on the commercial and retail.

Source: www.moneycontrol.com

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