Business Daily from THE HINDU group of publications
Thursday, Jul 20, 2006
Business Daily from THE HINDU group of publications Thursday, Jul 20, 2006 |
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Industry & Economy
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Real Estate & Construction Markets - Foreign Institutional Investors Our Bureau
New Delhi , July 19 Morgan Stanley Real Estate has invested about Rs 300 crore ($65 million) in Delhi-based real estate firm Alpha G:Corp Development Private Ltd . Alpha, an affiliate of the G:Corp Group, is currently executing townships, retail malls, office and residential developments across various cities in Northern and Western India, a statement from the company said. "Alpha represents an opportunity to partner with a best-in-class and deeply experienced management team with a unique and highly scalable business model in a region of the country where we continue to expect tremendous growth," Mr Zain Fancy, Executive Director and Head of Morgan Stanley Real Estate in Asia-Pacific, said in the statement. "We continue to believe India represents a compelling real estate investment opportunity and this investment is a continuation of our India strategy," he added. Mr R.S. Sodhi, Managing Director of Alpha, said, "India's rapid economic growth over the last few years has led to increased employment options, higher purchasing power and enhanced lifestyle aspirations in these cities. Availability of land, Government incentives and limited competition make these cities attractive investment destinations. "We are very excited about the partnership with Morgan Stanley Real Estate as this will allow Alpha to further capitalise on this significant growth opportunity," he said.
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