Dubai-based Nakheel in JV with Parsvnath

January 15, 2007	(Be the first to rate this story!)  Loading ...
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Real estate major Parsvnath Developers is likely to ink a joint venture deal with Dubai’s largest real-estate developer, the Nakheel Group by March-end this year. The venture will see each of the partners contributing Rs. 1,250 crores to form a new company.

The Nakheel Group is part of Dubai World, which has interests in Dubai Ports World, P & O, Free Zone World, Dubai Drydocks, Dubai Maritime City, Dubai Multi Commodities Centre and Istithmar, and has been keen on cashing in on India’s current real estate explosion. It has been in talks with several firms in India over the last couple of months but zeroed down on Parsvnath as it found the group’s strategies more in sync with its own. Meanwhile, Parsvnath has been on a massive property search across the country to optimize the new partnership for its expansion plans.

The Indian company went public last November with Rs.3.32 crores equity shares of Rs.10 each offered at Rs. 250 – 300 per share to finance its ongoing projects, and the partnership with the prestigious Nakheel group will lend it more standing in the real estate market.

News Published Under:   Real Estate Developers |

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