NEW DELHI:
Realty developer
Omaxe will reduce
debt by 50% over an 18-month period ending in December this year by selling land and property. The company plans to cut its debt to Rs. 800 crore by the end of 2020 from Rs. 1,922 crore in the second quarter of 2019, chairman
Rohtash Goel told ET. The group has no major borrowing plans.
“For the past 18 months, we have been focusing on reducing debt and repaid almost Rs. 500 crore and will repay about Rs. 600 crore in the next nine months. Most of the money will come from the sale of inventories which are in various stages of construction,” said Goel. Omaxe has a presence across 27 cities in eight states. It is looking to strengthen its presence in north India by monetising
land holdings in south India.
“In the first nine months of 2018-19, our cash flow from operations was Rs. 1,145.96 crore, which increased to Rs. 1,561.94 crore in the first nine months of 2019-20.