Astha International Limited, one of India's leading direct selling companies, expects to acquire 300 acres of land at the commercial capital of Odisha, Berhampur by January 2011 for its Rs 500-crore integrated township project called 'Astha City'. This would be the company's first residential cum commercial real estate project in Orissa which accounts for nearly 50 per cent of its overall turnover.
S S Kisan, Chairman and managing director, Astha International said, "We hope to take possession of 200 acres of land for our integrated township project at Berhampur by January 2011. Orissa is an important market for us and besides direct selling of the whole gamut of products, we would also like to invest in sectors like real estate and hospitality in the state."
Astha International, based out of Surat, Gujarat clocked revenue of 40 crore from its operations in the Orissa market in 2009-10 and its revenue is set to reach Rs 50 crore by the end of the current financial year.
To cater to its growing business needs, the company is planning to have ten offices in the state by this fiscal end. These offices would come up at locations like Balasore, Soro, Berhampur, Balugaon and Rourkela to name a few. The company has opened an office in Bhubaneswar and this would serve as the zonal office for the states of Orissa, Andhra Pradesh, Chhattisgarh and West Bengal.Astha International would also scale up its employee strength from 50 at present to over 500 in the next couple of years. The direct selling firm would ramp up its strength of distributors in the state from 1.3 lakh a present to 10 lakh by the end of 2012.
Besides its proposed township project, Astha International has also evinced interest in setting up a three-star hotel in the city but the details are yet to be finalized. The company also intends to build a mall in the city with a total built-up area of 15,000 sq ft.
Astha International, which has more than 10,000 products in 26 different segments, also plans to float a bank called Astha Bank by 2011-12. The company claims to have got the license from the Reserve bank of India and the bank is set to commence operations from 2011-12.e
Source:Business Standard
No comments:
Post a Comment