Parsvnath Developers is planning to raise more than Rs 1000 crore over the next 18 months through the sale or joint development of its land assets in southern and western India. Parsvnath, which counts JPMorgan and US-based private equity firm Red Fort Capital among its investors, is planning to divest land in cities including Hyderabad, Chennai, Kochi, Goa and Mysore and concentrate on its home market of northern India.
The company through its divestment is planning at reducing net debt below Rs 5000 crore by the end of March 2016, from Rs 1300 crore as on March 31, 2014.
Parsvnath Developers has diversified portfolio, which includes, integrated townships, group housing, commercial complexes, hotels, IT parks, among others. The company has total developable area of over 195.82 million square feet across all real estate verticals.