Sahara India Pariwar, the Lucknow-based residuary non-banking company (RNBC), unveiled a grand plan to invest Rs 118,000 crore (US$25.65 billion) in constructing housing projects spread across 202 cities in the country.
Addressing what the company called a ‘‘global media event,’’ at the NCPA auditorium in Mumbai on Thursday, the managing worker and chairman of Sahara Subrata Roy said: ‘‘For the housing project, we will buy cement worth Rs 5,000 crore and steel worth Rs 2,300 crore. You can imagine the benefits to the entire economy.’’
• $25.65 billion: Is the money to be invested by Sahara in its housing projects • Rs 118,000 crore: Is the investment when converted into Indian currency • Rs 110,000 crore: Is the total non-performing assets of India banking industry • Rs 54,000 crore: Is the money spent to construct the Golden Quadrilateral Highways across the country. |
Roy, dressed in a black jacket with a Sahara emblem tie — as were his staffers — claimed that almost ‘‘30 projects have already been tied up.’’
‘‘We are in the process of buying land…We believe in the spirit of nationalism. Our projects will create abundant infrastructure facilities and provide quality housing to our fellow Indians,’’ he further stated.
In every township, where each house will be for Rs 4.5 lakh, there will be a ‘‘Bharat maa naman sthal’’ (worship place for the motherland, India).
Plus broadband internet connectivity, a mini artificial seashore, snow theme and water parks, swimming pools, gymnasium. It will also boast of a chain of 202 shopping malls and 202 multiplexes with 808 screens.
When a journalist questioned where the funds would come from, Roy first asked him whether he was from the income-tax department and then added: ‘‘All funds will come from ‘internal accruals’.’’
‘‘It is said that in India one can not do business without black money. But at Sahara I’ve not done a single rupee black business,’’ the managing worker further went on to add.