Shristi Infrastructure Development Corporation Ltd

Shristi Infrastructure Development Corporation Ltd (Formerly known Peerless Abasan Finance Limited) was incorporated on 3 August, 1990. The Company is in the business of infrastructure Development, Construction Real Estate, including hospitality.Apart from the head office in Calcutta, the company, at present, has branch offices in Bombay, Delhi, Madras, Guwahati and Jallandhar. In Nov.93, the company came out with a public issue to augment its longterm 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 citybased 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 Appointed date i.e. 01.04.2005. Consequently, the entire business undertaking of the erstwhile Shristi stood vested in the Company on a going concern basis and accordingly, the name of Company got changed from Peerless Abasan Finance Limited to Shristi Infrastructure Development Corporation Limited through Scheme of Amalgamation in August, 2007. Upon amalgamation of Shristi with the Company, 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 Financial Year 201617 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 ShristiSam LainYogi JV and ShristiSam Lain JV were constituted on 5th August 2017 and 29th August 2017 respectively.