· The AlphaWolf of the Pack
The colourful cladding
sourcePujit Aggarwal,managing director and chief executive officer, Orbit Corporation, says the company is aiming to pare its debt by Rs 300 crore in the next two quarters and is also in final round of talks with an asset restructuring company (ARC).
Reema: How are you planning to pare down your debt by Rs 300 crore, will you sell some property?
A: We would be monetising some assets. we have in fact in this quarter monetised one particular asset, we realised about Rs 16.5-17 crore from that and we would be monetising at least two more of our assets from which we will be able to pare the debt.
Reema: What is the size of these two assets?
A: One asset is about Rs 200-225 crore. The other would be about Rs 75-80 crore.
Latha: Can you name which these are? You also said two more will come into sales, that would be of a lot of consumer interest as well as investor interest, which are coming in, which are likely to be sold?
A: The two projects which would be coming in -- one is that Napeansea Road called Villa Orb Annexe and the second one is at Lower Parel called Orbit Terraces which was stalled for the last three years.
So that particular project will be coming back on stream.
As far as Villa Orb Annexe is concerned, in the next month we should be able to start construction on that altogether.
As far as monetisation is concerned, one of our projects at Santa Cruz is what we are expecting to monetise and there is another project at Lower Parel, which we had acquired, that is the other one that we are planning to monetize.