Business conglomerate Godrej Group is eyeing new opportunities in the real estate sector.
“We think the real estate sector will do very well. Though the sector is not doing well, customers are coming to us. Generally when other developers have difficulty in completing their projects, they come to us, we take it over and brand it and then complete it. So there are a lot of opportunities, we have announced a lot of new projects and we expect Godrej Properties to be our fastest growing business,” said Adi Godrej, chairman of the group.
The group has received the proceeds from the sale of Nature's Basket, its food retailing arm. "Proceeds have been received. We have handed over the business and the new buyers are running it,” he said.
Commenting on the reasons for the Rs 1,500-crore fund raise, he said it will be an investment in Godrej Properties.
The group expects Godrej Agrovet also to perform well as it is mainly in the palm oil sector and the prices have risen a lot globally in the last month.
“We think the growth in the rural sector will start picking up in the second half. Already we have declared good results for Q2FY20 and we expect it to continue on the growth path,” he added.
Source: CNBC-TV18
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