The Hindu Business Line : Dubai's DAMAC plans $1-b investment

Hyderabad April 6 DAMAC Properties, an arm of Dubai-based DAMAC Holding Co LLC, is planning its foray into India with over a billion dollars of investment, according to Mr Hussain Sajwani, Chairman of DAMAC Holdings.

"We have conducted surveys in top Indian cities including Hyderabad to take up major projects. We are in search of locations and hopeful of finalising some locations within next couple of months," Mr Sajwani told newspersons here.

The firm is interested in developing high rises, premium residential complexes, golf courses and leisure resorts. "All our ventures are high-end, luxury ventures and there is lot of scope in some Indian cities for them," he said.

Established in 1982, DAMAC is present in 18 countries and its portfolio of towers is valued at $15 billion. The firm is currently developing a leisure town ship on Gamsha Bay in the Red Sea.

Priority locations

On the priority locations, Mr Sajwani said areas such as South Mumbai, locations near to the new international airport coming up in Hyderabad were of interest. "Even a two-acre plot is enough to develop a high-rise in the heart of the city. We are looking for such locations everywhere. By 2008, our first project in India may take off," he added.

The firm is also open to partnerships with Indian companies and there has been lot of interest from some Indian companies in this regard, he claimed.

Earlier, Mr Sajwani met the Chief Minister, Dr Y.S. Rajasekhara Reddy, and briefed him about its plans for the State. "Naturally, we have requested for some land," he said.