Jain Housing to prune debt
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Construction sector may bounce back soon, says joint MD
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Kolkata, India - May 15, 2016: Construction workers and Engineers working for the construction of a high rise building in Kolkata with the famous Howrah Bridge in the background
Construction sector may bounce back soon, says joint MD
Chennai-based Jain Housing and Constructions Ltd. will reduce its debt to the minimum in the next two years and enter tier-II cities, said its joint managing director Sreyansh Mehta.
“Currently, at the group level, we have a debt of ₹470 crore to ₹500 crore and we would like to reduce it to as much as possible in the next two years,” he said in an interview. Towards this, the company had raised ₹175 crore from two international financial institutions viz. Nippon Life India Asset Management Ltd. of Japan and Apollo Global Management of the U.S.