Real estate firm Anant Raj looking forward to reduce debt amount
Real estate firm Anant Raj Ltd has reduced debt by 6 percent to Rs. 1,403 crore last fiscal and is considering selling some of its hotel properties and land parcels to further cut the borrowings. Delhi—based Anant Raj said it has also invested about Rs. 1,000 crore in last three years to purchase 270-acre land, mostly in Gurgaon.
The company was able to reduce its debt by Rs. 90.98 crore and the total debt for the year 2013—14 is Rs. 1,403.14 crore against Rs. 1,494.12 crore last year, Anant Raj Chairman Ashok Sarin told shareholders in the company’s annual report for 2013—14 financial year.
The company’s Annual General Meeting (AGM) will be held on September 30. Sarin said the company, as part of its strategy to divest non-core assets, sold some land parcels and utilised a part of it towards debt repayment.
The real estate firm had accumulate a huge amount of debt on themselves this is one of the major reasons why they are trying to reduce the debt amount down by selling some of their properties.
Source: The Hindu Business Line
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