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Omaxe Forms Subsidiary for Gulf Foray
| June 12, 2008 |  (Be the first to rate this story!) Loading ... |
Real estate major Omaxe has formed a wholly owned subsidiary named Rohtas Holdings Gulf in order to develop its construction project in Gulf. Rohtas Holdings through a special purpose vehicle (SPV) by the name of Golden Crescent RED and General Trading would develop an Rs 1,350 crore residential project in Dubai and through another SPV named Marine Sands develop another Rs 1,500 crore project in Dubai.
This move is part of Omaxe’s plans to exploit the Dubai property market. Omaxe has a land bank of over 4,000 acres with higher presence in north India. It had also introduced an IPO last year to raise over Rs 600 crore.
Other Indian players who are eyeing the Gulf property market include Parsvnath Developers who have a joint-venture with Oman-based Al-Hassan Group.
News Published Under: Real Estate India, Real Estate Developers |
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