The Hindu Business Line : Hindujas join hands with Dubai World

New Delhi March 26 The Hinduja Group announced on Monday that it has entered into agreements with Dubai World — the business organisation owned by the Dubai Government — for making investments to the tune of about Rs 5,515 crore in healthcare, real estate and commercial-vehicle projects in India and Dubai. The Group will be establishing joint ventures for the real estate and healthcare projects.

While the Hinduja Group India Ltd will own 51 per cent, Limitless LLC, the real estate development arm of Dubai World, will hold 49 per cent of the venture. The investments are likely to be made through the company's Hinduja TMT, subject to the Board's approval, said Mr Ashok P. Hinduja, Chairman (India), Hinduja Group.

The two groups will set up medicare cities across India, in the first phase of their investments totalling Rs 4,315 crore. The healthcare plans include medi-cities for Delhi, Mumbai, Bangalore, Hyderabad and other tier-two cities.

SEZ option

The group is considering applying for SEZ status for some of these projects. "We are negotiating land prices and will prefer announcing the details in a month or two," said Mr Hinduja.

Another agreement signed on Monday was for a 2-million square feet, Rs 1,200-crore resort to come up at the posh waterfront address of Al Nakheel, which is a member of Dubai World. The project is expected to be completed in three years' time

The Group also plans to set up a manufacturing unit for automotive subsidiary firm Ashok Leyland Ltd in Dubai. Mr Hinduja told Business Line that the investment for this project will be in addition to the investment announced last year to set up a bus assembly unit at Ras Al Khaimah.

The new project is to cater to the demand for commercial vehicles in West Asia and African countries where Ashok Leyland is a significant player, Mr Hinduja said.

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