Crown Worldwide Group, which has completed 25 years of operations in India, plans to invest $40 to $50 million in five years to build real-estate assets in the country to grow its business, top executives said.
The group will utilise the funds from its internal resources to acquire land and build warehouses as well as other real estate assets in key cities.
“We will utilise the funds to purchase land, build facilities [warehouses], make them eco-friendly with solar panels on roofs. We will develop world class storage facilities within our warehouses so that the security will give confidence of our customers to migrate to us,” said Srinivas Krishnan, regional managing director, South Asia, Crown Worldwide Group.
At present the company has its own facilities in Mumbai and Chennai and now, it has finalised plans to build infrastructure in Gurugram and Bengaluru.
Then it will go to cities like Coimbatore, Indore, Jaipur. Currently the company has business operations in 11 cities and more tier 2 cities will be added.
“We see urbanisation is slowly getting into these places. So our idea is to focus on building properties there,” he added.
The core business of the group is record management, relocation of company executives, world mobility, work space management, fine art storage and running wine sellers.
As part of its business expansion plan the group is looking at settling up wine sellers in India.
“Outside India we have our wine storage business which is quite interesting. It is a very niche business for us and we are exploring the possibility to establish it in India,” said Ken Madrid, group CEO, Crown Worldwide Group.
Elaborating, Mr. Krishnan said, “There is huge scope for storing wine in India. We will conduct a feasibility study, appoint an agency, and then work with our Hong Kong office to see how we can develop this business. This will enable high net worth individuals to store their imported wines.”
The group is also developing digital capability in its core business of record management. Overall it targets grow by 20% year on year organically in India, the top executives said.