Peerless Group is planning a capital expenditure of around Rs 1,000 crore in the next three years, said its top official on Monday.
Group flagship–Peerless General Finance and Investment Company–has received the licence of an NBFC-investment and credit company (NBFC-ICC) from the Reserve Bank of India (RBI). The NBFC-ICC replaced the residuary non-banking finance company (RNBC) licence.
“The NBFC-ICC licence will allow Peerless General Finance and Investment Company to invest across a gamut of securities. The company now also has the flexibility to invest in its subsidiaries,” Peerless chairman Partha Sarathi Bhattacharyya Bhattacharyya told reporters on Monday.
Jayanta Roy, managing director, said the group is planning to invest around Rs 400 crore in a hospital project and around Rs 600 crore in a real estate project.
The group aims to launch a 15-floor retail commercial-residential real estate project called “Trium.”
In the last financial year, the Peerless Group reported a revenue of Rs 635 crore, posting a 22% growth year-on-year.
“For the first time, all our group companies become profitable,” Bhattacharyya said.
“While transformation is a long journey, during the last financial year we have seen early results. Before Covid, our annual growth rate of revenue for the entire group used to be around 6%. During FY23, we have been able to shift the growth rate to 22%. Profitability also grew significantly last year,” Bhattacharyya added.