Aastha Group, the leading procurement and trading company in India is all geared up to foray into low-cost housing projects. At present, the company provides services to the energy, steel and construction sector. It specializes in designing, developing and manufacturing a wide range of equipment for steel, power generation, and associated industries.
Currently, most of the company’s operations and business activities have come to halt after the NSEL fiasco. An arbitration notice given by Aastha Group to NSEL in 2013 is yet to be reported by them. The company is looking forward to revive the activities in low-cost housing business.
Aastha Group plan to revive the entire operation by 2017. The group is also talking to its lenders to repay the entire debt by 2017-18 financial years & become debt free.
Aastha Minmet has already paid the entire degree amount of 13.5 crore to court in NSEL matter. Since the group is sitting on large land banks and huge porcel of proportion. Aastha Group is planning to sell entire proportion to the clean debt of the group companies as well.
The company is significantly focused on trading of constructional steel items, coal, iron ore, chrome ore and high melting steel/scrap. It enjoys a formidable presence across the country with its business operations spread geographically and conducted through its diversified branches.
The company’s foray into affordable housing coincides with the Pradhan Mantri Awas Yojana (PMAY) by Prime Minister Narendra Modi for low-cost housing. Mohit Aggarwal, CMD of Aastha Group believes that the yojana is potent enough to unleash a wave of investment in housing sector over the next few years.
According to department of ministry, Rs 4 lakh crore have been invested by our government on urban infrastructure. It is four times the amount approved under 10 years of the United Progressive Alliance (UPA). Also, more than 8 lakh affordable houses for the urban poor have been approved so far.
Mohit Aggarwal highlights that the main focus of the Pradhan Mantri Awas Yojana in rural areas has been on connectivity. Says government sources, the highest ever average daily construction rate of 130 km per day has been achieved for rural roads under this yojana. Consequently, 47,400 km of Pradhan Mantri Gram Sadak Yojana roads with 11,641 additional habitations have been connected in 2016-17.
Certainly, Aastha Group’s foray into the affordable housing sector is bound to have a brighter horizon for it.