Realty firm Omaxe Limited has announced that its founder chairman Rohtas Goel has stepped down as an executive director as a part of leadership transition. He will continue in the capacity of a non-executive director and chairman.
"Rohtas Goel, the Founder Chairman, has relinquished his role as Executive Director and decided to continue in the capacity of a non-executive director and Chairman," the company said in a statement.
The firm has appointed Mohit Goel as the new Managing Director while Jatin Goel as executive director, according to the statement.
Under the new leadership, the Delhi-NCR-based real estate developer said that it will focus on reducing debt and exploring additional growth opportunities through public-private partnerships (PPP).
"This transition marks a turning point. Omaxe will embark on new avenues of growth and continue to make significant contributions to the real estate industry," Rohtas Goel said in a statement.
Mohit said the primary focus will be to reduce debt and strengthen the company's financial position. "We are also excited about exploring public-private partnerships to drive growth and create value for our stakeholders," he added.
Omaxe has delivered over 132 million square feet of real estate space. It has delivered 21 group housing real estate projects, 10 integrated townships, and 14 commercial malls/office spaces/hotels/SCOs.
The group has another 22 million square feet of space under construction. This includes 7 ongoing integrated townships, 5 group housing projects and 7 commercial malls/office spaces/hotels/SCOs. Omaxe Group began its journey in 1987 when Rohtas Goel laid the foundation to undertake construction and contracting business.
Omaxe shares on Friday settled in green at Rs 49.65. The company has a market valuation of Rs 908 crore, according to BSE data.