Chennai:
AIG Global Real Estate and the Bangalore based RMZ
Corp., real estate development company will float an
equal joint venture to develop commercial and office
space in key cities across India. The proposed venture
will also look at the hospitality sector tying up with
some international hotel chain.
According
to RMZ Corp managing director Raj Menda, the alliance
will help us in achieving our long-term goals in terms
of capital investment and financial support. The company
recently acquired 11-acre plot in Chennai for Rs298.10
crore and has plans to develop the same as office space
(1.5 million sq.ft). The land was owned by Hindustan
Teleprinters Limited belonging to Himachal Futuristic
Communications Limited.
Speaking
about the joint venture, AIG''s country head and chief
executive officer Sunil Mehta, said, "We believe
that AIG Global Real Estate is well positioned to realize
and capitalize on the opportunities that exist in the
Indian market. The joint venture would reinforce AIG''s
commitment as a long term financial player across all
asset classes in India."
The
five-year old RMZ Corp has plans to set up three joint
ventures, one each for retail, residential and hospitality
and office spaces. Currently present in Bangalore, Hyderabad,
Chennai, Kolkata and Pune RMZ Corp will be expanding
its operations to Mysore, Mangalore, Coimbatore, Kochi
and Nagpur.
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