Industrial Building, Electra Real Estate and an Indian developer are reviewing two projects in Tamil Nadu State.
IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Property and Building Ltd. (TASE: PTBL), controlled by IDB chairman and CEO Nochi Dankner, and Electra Real Estate Ltd. (TASE:ELCRE) controlled by chairman Gershon Salkind, have joined forces with an Indian developer to invest in real estate on the subcontinent. Property and Building and Electra Real Estate will each own 45% of the venture, and their Indian partner 10%.
The companies will invest an initial $100 million in residential and income-producing properties in the Tamil Nadu State in southeast India. Two projects are under review for investment: a 35-acre site zoned for 260,000-sq.m. of income-producing space and a 15-acre site zoned for 1,200 housing units.
Property and Building said the contract on establishing the joint venture came after thorough research and groundwork, which included tours by company executives in Tamil Nadu and the review of potential land reserves for investment.
Published by Globes [online], Israel business news - www.globes.co.il - on December 3, 2006
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