Shree Precoated to merge Anik Development with itself

Shree Precoated Steel is planning to amalgamate Anik Development Corporation with itself. The board had earlier approved investing 15% in Jolly Brothers and in Ajmera Water 'n' Amusement Park.

“We are closing the year with steel business at Rs 1500 crores and real estate business at 300 crore. For FY08 the estimation for real estate business is at Rs 1100 crore whereas steel is at 2000 crore," says Rajnikant Ajmera, Managing Director of Shree Precoated steel.

Anik Development has venture called Bhakti Park situated at Wadala, which has approx 25 lakh sq feet of saleable FSI. The whole project will be completed in next three years.

"We are mostly into residential buildings where we buy and develop lands," he adds.