Paras Pharma founder enters into the realty space
I
n the business world, the gurus will always emphasise on the need on diversification so that even if one business is not yielding profits, the other cash cow can run the show. Gujarat-based entrepreneur Girish Patel seems to walking on the same path. Patel the brain behind iconic brands such as Moov, Livon, and D’Cold after buying back the Sterling Hospitals from private equity (PE) fund Actis last year, is focusing on revamping and expanding the chain.
After being successful in the pharmaceutical industry, he is all set to try his hands at real estate, with plans to build a 170-acre integrated township project at Sanand, a stone’s throw from Tata Motors and Ford India plants. With the emphasis of growth for the real estate sector from the Modi government, Patel is very positive about his Rs. 2500 Crore real estate venture.
Patel thinks like an investor and instead of expanding his business in Paras Pharma, this founder member chose to sell his 30% stake in Paras in 2010 for a whopping Rs 1,000 crore. He did not want to remain involved in the operations of running the Paras Pharma and instead wanted to focus on expanding Sterling Hospitals as well as revamping the existing facilities.
He also mentioned that his hands are full for the next 5 years as he believes that the real estate project planned at Sanand has the potential to develop into the next Gurgaon.
Patel has a land parcel of 170 acres, which is right behind the manufacturing facility of German engineering major Bosch Rexroth, and 2 km from Tata’s Nano project and Ford India’s upcoming plant. His partner has another 100 acres adjacent to Patel’s plot. For the moment, the plan is to develop a township with residential apartments, commercial complexes, malls, movie multiplexes, a hospital, a school, and a hotel of a four-or-five star category.
Source- Business Standard
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