Business Daily from THE HINDU group of publications
Tuesday, October 2, 2007
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Business Daily from THE HINDU group of publications Tuesday, October 2, 2007 |
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News Update as at 18.00 hrs (IST)
Corporate AEZ Infratech plans shopping malls in UK, Dubai NEW DELHI: Real estate developer AEZ Infratech is planning to foray into the Middle East and the UK markets by setting up its concept shopping mall Celebration City. 10 of which will be constructed across India in the next 3-4 years. The company had rec ently announced its plans to set up a Celebration City mall in Ghaziabad near here, entailing an investment of Rs 500 crore. "There is a big Asian population base in Middle East and the UK where it is quite expensive to host such social get togethers. We want to take Celebration City to Dubai and Burmingham to provide complete cost-effective solutions for social get togethers to Asians living there,'' AEZ Group Chief Operating Officer (Marketing and Sales) Sanjay Kackar told PTI. He said the Celebration City would come up at 10 different locations in India including Delhi, Noida, Gurgaon, Faridabad, Mumbai, Ahmedabad, Hydera bad and Pune. The company has not earmarked any investment plans yet for the nine shopping malls, Mr Kackar informed, saying it would vary according to the size of each mall. The company expects returns to the tune of nearly Rs 100 crore from each celebration city ma ll every year. The Group also is looking at tapping the capital markets to partly fund its future expansion projects including IT parks and IT SEZ. - PTI
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