Israeli companies to invest in Indian real estate starting with Chennai
Two Israeli companies, The IDB Group's subsidiary company Property & Building and Electra Real Estate are to form a JV to invest $100 million in the Indian real estate and property market. The JV will focus on the construction of thousands of residential units as well as commercial and office space in Chennai and other areas. While the two companies will hold 45% stake each, a third Israeli company will hold the remaining 10%.
The Israeli companies will likely partner with the Murugappa group. The Indian group will hold a 10% stake in a second-stage join venture according to news reports.
This is the first Indian venture for the Israeli companies. Property & Building has over a million sq.m. of income yielding properties in Israel, while Electra has close to 700,000 sq.m. of income yielding properties in North America and Europe.
By INRnews Correspondent
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