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Parsvnath gears up for debt clearance

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Realty major Parsvnath management is making mind to clear up the outstanding debts of the company with in a very short while. Though the company has delayed its 11 SEZ projects the company is firm on paying back around Rs 400 crore to its various banks and other financial organizations as added on www.propertykhazana.com. Chairman of the company Pradeep Jain states that – “currently company is concentrating on reducing the debt from its balance sheet as soon as possible. The company has no credit to any mutual funds and also has discharged almost all the debentures of non-convertible category”.
Chairman further adds that, company will be making this debt clearance with the help of internal accruals received from their projects in the recent times. Interestingly after the rate hikes by the banks, the current debt measures around 12 to 13.5 percent as compared to that of 11.5 percent last year. Coming to the investment side the company will be engaged again for 17 SEZ across the country among which 6 has been completed with land acquisition issue and other 11 is on hold for better timings says the sources reported at www.propertykhazana.com.
At the same time leading realty company DLF has also asked for de-notification for some of its IT SEZs, on account of low market profile at current scenario. Parsvnath chairman further reveals that “now we will be concentrating on existing projects and land acquisition process for the rest of the SEZ has been stalled for the time being and will gear up soon starting with Saharanpur”. For more updates visit www.propertykhazana.com.
Source: NBTVLIVE

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