FMCG major Emami Group has got its Board's approval to hive off its real estate arm into an independent entity.The Kolkata-based company, which recently acquired a controlling stake in Zandu Pharmaceuticals, is planning to focus more on its core FMCG business while letting Emami Realty chart its course as a completely separate firm.
Asked if Emami was planning to exit from the realty business after spinning off the arms, Emami Director Aditya Agarwal replied in the negative and said Emami Realty would continue working on the various projects that it has started. '
On the source of funding of the projects, he said: "It is too early to talk (about it) at the moment." Emami Realty's 10 projects comprise four IT parks, three shopping malls and three residential complexes in Kolkata, Coimbatore and Hyderabad, involving a construction area of over 50,00,000 sq ft. The projects are likely to be completed by 2010-11.
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