Financial Daily from THE HINDU group of publications
Thursday, Feb 02, 2006
Financial Daily from THE HINDU group of publications Thursday, Feb 02, 2006 |
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Corporate
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Alliances & Joint Ventures Akme Projects in real estate joint venture with Ireland firm Moumita Bakshi Chatterjee
New Delhi , Feb. 1 AKME Projects Ltd, a real estate company promoted by Mr Anil Nanda, on Wednesday entered into a 50:50 joint venture partnership with Ireland's Cathedral Financial Consultants to tap opportunities in real estate with regard to residential, multiplex, hospitality and commercial projects. Under the joint venture partnership, Cathedral will invest close to Rs 550 crore with Akme in the country, said Mr Anil Nanda, Chairman of Akme India. "While Akme already has a presence in the metros and has undertaken projects in Bangalore, Noida, and Punjab, the joint venture company plans to undertake two township projects envisaging 110 and 115 acres of land around Chandigarh. In due course, we will be looking at other opportunities as well. There is a lot of scope in Rajasthan, Orissa, and Karnataka," he said. This marks the first foreign real estate investment from Ireland into India, said Mr Nanda. "Ireland and India have a lot in common and there is huge potential for exchange of business given the boom in the real estate market. This alliance will enable us to take advantage of the experience and expertise of the Irish in developing the Indian real estate market," he said. Akme's realty projects include Akme Harmony and Akme Ballet in Bangalore, Akme eSpaces in Greater Noida, and Akme Polis in Punjab. The company was formed in 2004. Mr John McEneaney, Managing Partner of Cathedral Financial, said, "This partnership with Akme is a significant step for our India strategy. The large Indian population offers great opportunity for housing development." A consortium of large institutions and investors, Cathedral Financial Consultants is among the largest underwriters in real estate investment in Ireland.
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