Texmaco Ltd, the Saroj Poddar group company, which had earlier demerged its core business of wagon making, thus left with just a piece of land and mini hydel power plants, might venture into a new business area — infrastructure development.
Texmaco Ltd, the Saroj Poddar group company, which had earlier demerged its core business of wagon making, thus left with just a piece of land and mini hydel power plants, might venture into a new business area — infrastructure development.
“We have made changes to the object clause by incorporating areas such as infrastructure development, real estate development and hydel power generation to reflect the new identity of the company post demerger of our core operations to Texmaco Rail and Engineering Ltd,” Ashok Vijay, chief finance officer of the company told DNA.
Texmaco last year demerged its heavy engineering and steel foundry division to a separate company.
While real estate and hydel power generation are areas where Texmaco is present, infrastructure is the new segment that has been incorporated and might see the foray into that sector in near future.
Texmaco has incorporated a host of possible business areas, including social infrastructure, roads, ports, water supply and sewerage, power projects, airports, bridges and similar projects in the infrastructure sector.
To allow itself venture into different areas of real estate development, Texmaco has also incorporated activities such as township, multiplexes, hotels and hospitals and also own, operate or mortgage land and properties.
With Texmaco now left with a piece of prime property close to Delhi University, the company needs to articulate its rechristened identity as a real estate developer as it has plans to commercially exploit that property, which, so far, was lying idle due to a legal tussle.
The Supreme Court a year ago allowed Texmaco to commercially exploit 35% of 31 acre, or about 11 acre, of closed Birla Mill after a prolonged legal battle with Delhi Development Authority.
The rest 20 acre would go to DDA, which, however, would share with Texmaco 50% of any proceeds received from commercial development of its portion, as per the court ruling.
Venture into the infrastructure space would derisk Texmaco’s operations reducing its dependence on real estate sector. It is also in line with Saroj Poddar’s stated vision to take the group, recently renamed as Adventz, to newer heights. Poddar at the time of unveiling the new group identity had talked of investing close to $2 billion in companies like Zuari Industries, Paradeep Phosphates apart from Texmaco, which remained bereft of fresh investments for a long time.
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