Industry

Non-finance business to drive growth of Peerless Group

Mumbai: Concrete jungle! View of the skyscrapers coming up in south Mumbai and real estate market today stands for luxury redefined from flats the word has now changed to condominiums; apartments are synonym to penthouses and houses to villas and estates. Luxury spells in every Mumbai real estate property and realty development in Mumbai and all across India. As Mumbai real estate market witnessed a slow down._Photo: Paul Noronha

Mumbai: Concrete jungle! View of the skyscrapers coming up in south Mumbai and real estate market today stands for luxury redefined from flats the word has now changed to condominiums; apartments are synonym to penthouses and houses to villas and estates. Luxury spells in every Mumbai real estate property and realty development in Mumbai and all across India. As Mumbai real estate market witnessed a slow down._Photo: Paul Noronha

Non-finance business is set to drive the future growth of the 85-year old Peerless General Finance & Investment Company Ltd. which has, over the years, marked its footprint in sectors such as hotels, hospitals and housing through wholly-owned subsidiaries and joint ventures.

PGF&I is the flagship venture of the Peerless Group which has in its fold a clutch of financial services companies and housing, hotel and hospital ventures.

Future plans include opening new hotels, increasing presence in the housing segment and opening a medical college. The group has hotels in Kolkata and elsewhere in West Bengal as also one in Port Blair. It also has housing units in the affordable and upscale segment in the city and in Rabindranath Tagore’s Santiniketan in Birbhum distirct. It also runs a hospital.

‘Double-digit growth’

Jayanta Roy, managing director and CEO of Peerless Financial Products Development Ltd. said the non-finance arms of the company have been ‘giving double-digit growth for some years’ and would be the focus areas. He was speaking at a function to mark PGF&I’s 85-year journey.

“Growth continues to be maintained, both geographically and by way of capacity enhancement,” in some of the subsidiaries engaged in hospitality, healthcare and real estate development, the company’s latest annual report said.

It added that the real estate business prospects were looking bright on the back of rapid urbanisation and growing demand for housing.

Expansion into Odisha

In the hospitality sector, Peerless Hotels Ltd., a subsidiary, is planning to expand to Odisha and is also eyeing Navi Mumbai, it was learnt. Expansion plans are also on the anvil, with plans to enter the quick-service restaurant segment through its signature Bengali food restaurant Aheli Express.

The group had started its journey as a financial services company. However, it had to diversify after it discontinued accepting deposits from the public from April 2011, following Reserve Bank of India guidelines.

As a Residuary Non-Banking Company, the firm is now repaying its matured deposits. “Liabilities have come down from ₹1,558.5 crore to ₹1,551.8 crore at end 2016-17”, the latest annual report said. Speaking of these developments, S.M. Datta, PGF&I chairman said‘the process of transformation is continuing in Peerless’. S.K. Roy, managing director, highlighted the company’s evolution and diversification.


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Printable version | Jun 14, 2022 5:32:32 am | https://www.thehindu.com/business/Industry/non-finance-business-to-drive-growth-of-peerless-group/article19939881.ece