NEW DELHI, June 24 India's Parsvnath Developers
Ltd expects to raise more than 10 billion rupees
($167.5 million) over the next 18 months through the sale or
joint development of its land assets in southern and western
India, the company's chairman said.
"If we get a good price we will exit, otherwise we can enter
into a joint venture with a local developer," Pradeep Jain told
Reuters on Tuesday.
Parsvnath, which counts JPMorgan and U.S.-based
private equity firm Red Fort Capital among its investors, is
planning to divest land in cities including Hyderabad, Chennai,
Kochi, Goa and Mysore and concentrate on its home market of
The company expects to reduce net debt to below 5 billion
rupees by the end of March 2016, from 13 billion rupees as on
March 31, 2014 through its divestment plan, Jain said.
Parsvnath, which was valued by the market at about $238
million at Monday's close, has 70 million square feet of
projects under development in Delhi and surrounding areas, most
of which are homes.
($1 = 59.7000 Indian rupees)
(Reporting by Aditi Shah; Editing by Sunil Nair)