Press Release Summary: Parsvnath Developers Limited (PDL), India's leading infrastructure developer has received Letter of Acceptance (LoA) from Buddha Smriti Udhyaan Development Company Limited (BSUDCL) to develop Buddha Smriti Udhyaan at Patna. The scope of work involves construction of Buddha Smriti Udhyaan on a plot spread over 20.65 acres with developable area of 2, 90,000 sq ft, the contract is valued at Rs 125 crore. This project is being implemented by Government of Bihar in a joint venture with India PPP capacity Building Trust (I-Cap) for which a special purpose company Buddha Smriti Udhyaan Development Company Limited (BSUDCL) has been rolled to highlight the precious historic and religious heritage of Lord Buddha with state of art modern amenities. The project is scheduled to be completed in just nine months.
Press Release Body: New Delhi, June 27, 2008: Parsvnath Developers Limited (PDL), India's leading infrastructure developer has received Letter of Acceptance (LoA) from Buddha Smriti Udhyaan Development Company Limited (BSUDCL) to develop Buddha Smriti Udhyaan at Patna. The scope of work involves construction of Buddha Smriti Udhyaan on a plot spread over 20.65 acres with developable area of 2, 90,000 sq ft, the contract is valued at Rs 125 crore. This project is being implemented by Government of Bihar in a joint venture with India PPP capacity Building Trust (I-Cap) for which a special purpose company Buddha Smriti Udhyaan Development Company Limited (BSUDCL) has been rolled to highlight the precious historic and religious heritage of Lord Buddha with state of art modern amenities. The project is scheduled to be completed in just nine months. Speaking on the achievement, Mr. Pradeep Jain, Chairman Parsvnath Developers Ltd said, "Parsvnath is proud to be associated with the signature project in Patna, the heart land of Buddhism and a rejuvenating state of Bihar. The construction of Buddha Smriti Udhyaan marks an important milestone for Parsvnath's growing diversified portfolio. With this Parsvnath has embarked upon its first offering in the emerging markets of Bihar there by strengthening our PAN India Presence"
The magnificent project comprising of beautifully landscaped areas, a Stupa, Meditation Halls, Museum and public amenities would be developed and designed by Lall and Associates as per the specifications provided by BSUDCL. The state of art project, a facsimile of Akshardham Temple in Delhi, will enhance the beauty of Patna and is poised to attract tourists from across the globe.
About Parsvnath Developers Ltd. Parsvnath Developers is noted for its rapid pan India spread. It is the fastest growing real estate group in India. Parsvnath Developers is amongst the largest listed real estate companies in India. As of today, company is developing 114 mega projects spanning 211.32 million square feet in 49 cities and 17 states. For the year ended March 31, 2008, Parsvnath Developers Ltd. recorded consolidated revenues of Rs 1837.12 crore an increase of 19.72% from Rs 1534.50 crore in FY07. EBIDTA stood at Rs 680.25 crore, an increase of 54.04% as compared to Rs 441.60 crore in the corresponding period last fiscal. Net profit was at Rs 424.39 crore, up by 45.23% from Rs 292.21 crore. The EPS for FY08 stood at Rs 22.98 as against Rs 18.16. For more details please visit www.parsvnath.com.
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