Mumbai: Real estate developer Parsvnath Developers that listed on the exchanges after its maiden IPO, said it will enter the asset management business.

The company said in a regulatory filing that it had incorporated a subsidiary, PDL Assets Ltd., on 3 December, which will carry on asset management and asset holding activities for the group.

Parsvnath had its inception in the early 1990s, and has operations across 48 Indian cities, having developed retail and residential projects, as well as townships across north and central India, with around 115 ongoing projects, according to the company's website.