Indo-Asian Food & Commodities Ltd Company Summary

Indo-Asian Food & Commodities Ltd Summary

Incorporated in Mar.95, Indo-Asian Housing Corporation was promoted by P Sreenivasa Iyengar, D Ranga Prasad and P V R Iyengar and associates, having experience in the fields of civil construction, real estate development, finance and administration.After incorporation, the company acquired the business of Asian Housing Corporation, a partnership firm owned by one of the promoters, which was carrying on the business of development and sale of residential and commercial complexes, farm lands and farm houses.The company constructed commercial / residential complexes in Hyderabad to cater to the needs of the individual and corporate sector. It came out with a public issue of 30,00,000 equity shares of Rs 10 each for cash at par aggregating Rs 300 lac, in Feb.96, to part-finance its on-going projects.Due to the slump in real estate market during the year 1999-2000, the company could not take up fresh projects. However, the project Bharadwaja Complex consisting of 105 residential units is expected to be completed by March 2000. The company has fully developed 60 acres of its farm lands owned by it by planting bixa-orellanna plant and the first crop is expected during the next financial year.It is proposing to undertake a Deluxe Residential Complex Project at Kachiguda,Hyderabad and to undertake the project at the early 2002.