The change of guard at Lucknow may not have any impact on liquor baron Ponty Chadha's businesses. In an indication that "all is well" Wave Infratech, the real estate arm of Chadha's Wave Group, on Tuesday said it would invest around Rs. 4,000 crore for the development of a 152-acre township at Noida.
"We do not see any problem. Our businesses in UP have been for the last 60 years," Manpreet Singh Chadha, son of Ponty Chadha and joint managing director of Wave Infratech, told HT in response to a question whether the regime change at Lucknow would affect the group's expansion plans.
The Chadha group was believed to be closer to the Mayawati government. Apart from real estate, the Wave Group has business interests in sugar, liquor and entertainment.
Wave Infratech, had last year, won the 152-acre Noida land in an open auction for Rs. 6,500 crore wherein it outbid developers Amrapali and The 3C Company.
On the development of the integrated township project on this land, Chadha said the company expects to complete the first phase by 2016. "The investment during the first phase will be funded through a mix of internal accruals, debt and equity."
The other phases would be developed over a period of 12 to 14 years. The township would have a mix of apartments, hotels, office space and malls.