Shristi Infrastructure Development Corporation Ltd Company Summary

Shristi Infrastructure Development Corporation Ltd Summary

Shristi Infrastructure Development Corporation Limited(Formerly known Peerless Abasan Finance Limited) was incorporated on 3 August, 1990. The Company name was changed to Shristi Infrastructure Development Corporation Limited upon the Scheme of Amalgamation effective from August 14, 2007. The Company is in the business of infrastructure Development, Construction & Real Estate, including hospitality. In Nov.93, the company came out with a public issue to augment its long-term resources and also to strengthen its capital base. The company has adopted aggressive marketing of its housing loan schemes. It has decided to disburse the major portion of its loans to city-based real estate developers. The Company commenced its operations in 1999. The Company amalgamated with Shristi through Scheme of Amalgamation effective on 30 July, 2007 and the said Scheme was made effective from 01.04.2005. Consequently, the entire business undertaking of the erstwhile Shristi was vested in the Company as a going concern basis. Upon the amalgamation of Shristi with the Company, Company allotted on 27 August, 2007, 2,00,00,000 Equity Shares of Rs.10/- each fully paid -up to the members of Shristi in the ratio, of two equity shares of Rs.10/- each in the Company for every 1 Equity Share of Shristi. Further, Shristi Urban Infrastructure Development Limited and its subsidiary Shristi Udaipur Hotels & Resorts Pvt. Ltd. and Viyekananda Skyroad Limited became subsidiaries of the Company.In 2010, the Company demerged the other business into a wholly owned subsidiary, Shristi Housing Development Pvt. Ltd. (formerly known as Shrivasa Infra Pvt. Ltd.) through the Scheme of Arrangement, which was approved by the High Court in March 2010 and became effective from the appointed date 31st March 2009. Resultant to the Scheme, all the related assets and liabilities of the Infrastructure Division stood transferred to and vested in Shristi Housing Development Pvt. Ltd.The first phase of The Westin Hotel developed at Rajarhat, Kolkata, by Shristi Hotel Private Limited, a material subsidiary of the Company, became operational in September 2017. The Company during the FY 2016-17 had approved a scheme of arrangement for (1) Amalgamation of East Kolkata Infrastructure Development Private Limited (wholly owned subsidiary of the Company) with the Company and (2) Demerger of hospitality business of the Company to Vipani Hotels & Resorts Limited (wholly owned subsidiary of the Company). Vindhyachal Attivo Food Park Private Limited became a subsidiary of the Company w.e.f. 8th September 2017. Further, two Joint Ventures in form of partnership entities by names of Shristi-Sam Lain-Yogi JV and Shristi-Sam Lain JV were constituted on 5th August 2017 and 29th August 2017 respectively.