Elbit Medical Imaging Ltd of Israel has signed a Memorandum of Understanding (MoU) with an Indian real estate developer to build luxury apartments and commercial centres in Bangalore. The two companies will acquire the rights to develop approximately 190 acres of land situated in a luxury neighborhood of Bangalore.
The Indian partner will transfer part of the development rights of 100-acre plot to the joint venture. The NASDAQ listed company will invest $180 million for purchase of land for the venture. The companies will build villas and luxury apartments, a hotel and 300-400 room apartment hotel, a shopping center, golf course, and various amenities including country club, swimming pool, sports facilities, and recreation areas in 2 million sq meters of space. The project is expected to start within 12 months and will be executed in stages over a period of three to five years.
No comments:
Post a Comment