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TCI to foray into real estate sector

TCI to foray into real estate sector
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First Published: Sun, Aug 17 2008. 03 14 PM IST
Updated: Sun, Aug 17 2008. 03 14 PM IST
PTI
New Delhi : Transport Corporation of India, so far engaged in movement of cargo over land and sea, is planning to venture into the real estate sector with pan-India presence.
“We plan to get into the real estate sector as we have land bank all over the country,” TCI Executive Director Vineet Agarwal told PTI.
The company has 200 properties and would develop a number of them for residential and commercial projects.
“We have identified quite a few of our land properties for a foray into the sector. We have even set up a real estate division in our company for the business,” Agarwal said, but declined to give the investment figure for the foray.
Apart from the foray, TCI also plans to build a number of large warehouses across the country. It already has 7.5 million sq ft of warehousing facility available which it plans to increase to 12.5 million sq ft in the next 2-3 years.
It is also looking at opening offices in China, Thailand and in few European countries in the current financial year.
“We will open offices in the countries with which India has respectable volume of trade. We have recently set up our offices in Indonesia, Hong-Kong and Singapore. Now we are considering China, Thailand and Europe,” Agarwal said.
The company would also be investing Rs200 crore in the next two years for purchase of trucks and ships.
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First Published: Sun, Aug 17 2008. 03 14 PM IST