The Hindu Business Line : Dubai's ETA proposes to invest $100 m in India

ETA, an engineering, construction and trading group in Dubai, plans to invest $100 million in India in five years to benefit from the real-estate boom.

The company has already made a sizeable investment through its arm, ETA Star Property Developer (P) Ltd, for taking up a Rs 30-crore residential apartment complex in Bangalore. As part of the `Gardens' project, 927 dwelling units would be constructed on 16.2-acres in northern part Bangalore. ETA Star has already invested in the property. ETA is eyeing more opportunities in India, including such infrastructure projects as metro rail, ports and roads.

Announcing the launch of the `Gardens' project at a press conference here on Saturday, Mr Side M. Salahuddin, Managing Director, ETA Group, said his company-led consortium, consisting of Siemens and Bharat Earth Movers, was one of the seven consortia that bid for the Rs 63,666-crore Hyderabad Metropolitan Rail Transit System (MRTS).

The company is also interested in the Bangalore Metro Rail project and it is evaluating its capability to undertake airport development and upgradation projects in India.

Mr Syed Ismail, Director, ETA Star Property Development, said the company plans to launch its second project on a two-acre parcel of land in the centrally-located Nandidurg Road in Bangalore. It will embark on more projects depending on the demand. It has a land bank of 90 acres in the city inherited from Binny Mills as part of a settlement.

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