Tulip Infratech plans to foray into Infrastructure sector
Gurgaon based real estate firm Tulip Infratech Pvt. Ltd. plans to diversify into infrastructure and construction sector and is looking for technology collaborations. The company said that it is exploring options for it and hopes to take a decision within the next few months. Along with real estate business, the company will bet on road building, flyovers and other infrastructural development in the country.
Talking about the growth plans, Mr. Parveen Jain, CMD, Tulip Infratech said, “We plan to diversify into newer business ventures, including Infrastructure & Construction. The government’s focus on infrastructure building and rising private investment is pushing us to foray into this sector. The way the country is poised in terms of development and growth, we see a lot of potential.”
This year, government has proposed to spend some Rs 3.96 lakh crore ($59 billion) on infrastructure, including housing, railways, ports, and irrigation. India has a huge shortage of infrastructure and the government envisages an investment of over Rs43 lakh crore ($646 billion) over the next five years. Of this, 70% of will be needed in the power, roads, and urban infrastructure sectors.
The company aims to remain a dominant player in its core Real Estate Business. It is now looking beyond the traditional markets to grow its presence in India.