Monday, December 04, 2006

Israeli companies to invest $100 m in Indian real estate

JERUSALEM: Two Israeli companies have joined hands to invest $100 million in the booming real estate sector of India.

Israel's Property and Building Corp, a subsidiary of the country's largest holding company IDB Development Corp, and Electra Ltd have announced that they agreed on a joint venture in which both of them will hold 45 per cent stakes. The joint venture incl udes an unnamed Indian partner, which will hold a ten per cent stake.

The companies are currently examining investments in southeast India, including a 42.9-acre site for construction of 2,60,000 square metres, and a 9.9 acre site for construction of 1,200 housing units. - PTI


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