Elbit, Salarpuria to invest Rs 1000 crore in Kochi Realty

September 9, 2007	(3 votes, average: 4.67 out of 5)  Loading ...
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Elbit Medical Imaging Ltd. (EMITF) and Bangalore based Salarpuria Group have joined hands to develop across six to seven million sq ft of space in Kochi. Both the companies will invest around Rs 1,000 crore over a period of three years.

The companies will float a special purpose vehicle (SPV) to fund capital. However, the senior officials of Salarpuria Group decline to give any further details but confirmed the tie–up.

Elbit Medical made a foray into the Indian realty with a residential project in Pune and a chain of hospitals in Kolkata.

The $300 million Israel based property management firm, in June this year, announced to develop a $180 million mega residential project in Bangalore in collaboration with an Indian developer.

The construction for the recent Rs 1000 crore project would start within a year. The project is scheduled to be over by the next three to five years and possesses the potential to generate sales worth $3 billion.

News Published Under:   Real Estate Developers |

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