Arvind SmartSpaces looks to cross Rs 1,000 crore mark in four years

Textile stocks like Arvind are in focus after Reserve Bank of India discontinued issuance of Letters of Undertaking and Letters of Comfort for trade credit. Arvind SmartSpaces, the realty arm of the fashion and apparel firm, is looking to cross the Rs 1,000-crore revenue mark in the next four years.

In an interview with CNBC-TV18, Kulin Lalbhai, Executive Director of Arvind said that over the last four years, the company has become a completely independent entity, developing  new parcels of land.

Over the next three years, the company plans to have another 8 million square feet developed primarily in Bangalore and Ahmedabad. “We are focused on the mid-income residential segments in these two cities and we have recently made a foray into Pune”, said Lalbhai.

He believes that the government’s focus on home ownership will create a lot of primary demand. “We will definitely be in the affordable and the mid-income residential space”, he added.