The Hindu Business Line : Jones Lang LaSalle, Trammell to merge India operations

Growth plans
Set up offices in more cities
Additional service lines including a full service hotel division, corporate capital markets, debt and derivatives, asset management and specialist mall management.

New Delhi June 12 Global real estate services and money management firm Jones Lang LaSalle Inc and privately held real estate services company in India, formerly Trammell Crow Meghraj, on Tuesday announced an agreement to merge India operations. The new company formed out of the merger would be called Jones Lang LaSalle Meghraj (JLLM).

Although the two sides did not divulge the financial details of the transaction, the combined revenue post-merger is estimated to be $70 million in 2007 and expected to touch $100 million by 2009.

The merger enables Jones Lang LaSalle to add immediate scale in India. For Trammell Crow Meghraj, Jones Lang LaSalle's global resources would enhance their ability to service their client's global needs.

Trammell Crow was earlier holding 30 per cent stake in Trammell Crow Meghraj and last month Meghraj bought out the stake from Trammell Crow. With the merger now in place, JLLM would have around 2,800 employees in India, with offices in 10 cities. The combined firm, which will have 44 million sq. ft under management across India, will have its India head office in Delhi. Mr Anuj Puri would maintain senior oversight as Chairman and Country Head.

"JLLM has aggressive growth plans. By 2009, we expect to exceed $100 million in revenue and aim to establish offices in five more cities, bringing the total number of cities that we operate in to 15. We will also introduce additional service lines including a full service hotel division, corporate capital markets, debt and derivatives, asset management and specialist mall management. Our plan is to grow our professional staff strength by 35 per cent over the present headcount," Mr Vincent Lottefier, the new CEO of JLLM, said at a conference here.

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