Anil Nanda''s Akme Projects brings Irish FDI for real estate

New Delhi: The Rs200-crore Akme Projects Ltd, an Anil Nanda-promoted real estate company, has entered in to a joint venture with Ireland's Cathedral Financial Consultants Ltd. The two companies will float a 50:50 joint venture company with Nanda as its chairman

The alliance will capitalise on the emerging opportunities in real estate development in India, and will focus on various projects in the industry, namely residential projects, multiplexes, hospitality and commercial projects.

According to John McEneaney, managing partner, Cathedral Financial Ltd. also commented "This partnership with Akme is an important and significant step for our India strategy. The large Indian population offers great opportunity for housing development. The marriage of our know-how and global position in real estate to Akme's existing strength and leadership in this region is an excellent match. We are pleased and honoured to have this opportunity to work with Akme Projects.

The joint venture company will expand its presence through acquiring or developing new property in India's leading metros, and through securing contracts in the hospitality sector. Akme already has a presence in New Delhi, Bangalore, NOIDA and Punjab, where it has undertaken projects.

Says Nanda, chairman, Akme India said, " This is this is the first foreign real estate investment from Ireland in our country. Ireland and India have a lot in common and there is a huge potential for exchange of business. This alliance will enable us take advantage of the experience and expertise of the Irish in developing the Indian real estate market."

The Ireland-based Cathedral Financial Consultants Ltd is one of the largest underwriters in real estate investment. The company is a consortium of various large institution and investors. Its member companies underwrite a wide range of personal, mortgages, protection and investment products through a variety of distribution channels in Europe, America and Ireland.