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Bangalore , Jan. 25

CEYLINCO Consolidated, a Sri Lankan company, has entered into a partnership with the property development arm of Chennai-based Shriram group for the joint promotion of housing and infrastructure real estate in the country.

Ceylinco, which is a private insurance, banking and financial services company with interests in hospitality and real estate, will leverage Shriram Properties Ltd's expertise to embark upon projects worth Rs 800 crore over the next five years. The projects will consist of integrated township and infrastructure like shopping malls and IT parks, said Mr M. Murali, Chief Executive Officer of Shriram Properties.

He said the projects would be developed in Bangalore and Chennai over a five-year period.

Earlier, Ms Sicille Kotelawala, Director, Ceylinco, said her company had been doing business with Shriram Group whose reciprocal interests in different businesses had brought them together to tap the huge potential in the Indian property sector.

The $600-million turnover Ceylinco and Shriram also plan to enlist US partners for Indian projects. Ceylinco has a strategic partnership with Hyatt ( an international hotel brand), Parsons Prinkoff and a few other US companies.

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