BUSINESS

Deepak Fertilisers to diversify

MUMBAI DEC. 4. Deepak Fertilisers and Petrochemicals Corporation (DFPCL) announced that it is putting up a speciality mall in Pune, Maharashtra, for interior and exterior scapes. DFPCL main business is industrial chemicals, ammonium nitrate and agri-inputs.

The mall, called `Urban Scapes' will come up over an area of five lakh sq. ft. over ten acres of property and will cater to the growing commercial and residential property market in Western India.

The company hopes to start construction in March 2004 and the project would be completed over 18-20 months. DFPCL plans to invest around Rs. 100 crores in this venture as a part of its diversification strategy to enter the booming services sector. "The funding will be the standard pattern of 60 per cent debt and 40 per cent equity," said Sailesh Mehta, Managing Director, DFPCL, while addressing a press conference here today. Mr. Mehta said, DFPCL is looking at a combination of offerings for the properties — leasing, royalty and lease-royalty service-oriented offerings.

"The mall will offer Indian consumers for the first time, a range of national and international service brands to cater to every kind of urban space, be it offices, homes, restaurants, malls or multiplexes," said Mr. Mehta.

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