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* - MD
* To develop 100,000 sq ft additional commercial space
Mumbai: Jeweller Gitanajali Gems plans to develop 100,000 square feet of commercial real estate in addition to the 400,000 square feet land it is already developing in Mumbai’s suburbs, managing director Mehul Choksi said on Monday.
“All of this land is what we own and we have factories on this. We are moving out our factories out of the city and are unlocking the value. All of this will be developed into commercial real estate,” he told reporters.
The company expects to earn Rs1,250 crore in revenue in the current fiscal from the development of 100,000 square feet in Andheri in western Mumbai, he said.
Gitanjali currently has 400,000 square feet of land in Andheri.
The firm is already developing 400,000 sq ft in Borivli, another suburb in western Mumbai, which is expected to yield around Rs3,750-4,000 crore revenue in the current fiscal, Choksi added.
At 11:40 a.m., shares in the firm were down 1.14% at Rs143.25 in a Mumbai market that was up 0.4%.