Panchshil inks alliance with Korean co

Our Bureau Pune | Updated on November 22, 2011 Published on November 22, 2011

Real estate developer Panchshil has inked an agreement with Korea-based project and construction management (PMCM) services company HanmiGlobal to set up a 50:50 joint venture company to provide consultancy to construction and infrastructure projects in India.

The objective of the new initiative is to bring a higher level of technology into the construction of infrastructure projects and high-rises, Mr Atul Chordia, chairman, Panchshil Group, said.

Hanmi has developed a special technology for building under the ground and above it simultaneously he said, adding that high rise projects can hence be completed in half the time normally required for the construction cycle.

The partnership will help Hanmi showcase its technology as well as provide an entry into the Indian market, Mr Chang Rae Kim, president, HanmiGlobal, said.

To start with, Panchshil has entered into a PMCM consultancy agreement with Hanmi for two of its projects in Pune. The developer also plans to get into infrastructure development and undertake third party projects outside Maharashtra and focus on Gujarat and Bihar initially.

Published on November 22, 2011
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