The project includes 1,500 housing units and a 30,000-sq.m.commercial center.
Azorim Investment, Development and Construction Ltd. (TASE: AZRM), controlled by Shaya Boymelgreen, will sign a cooperation agreement to participate in a $205 million residential and commercial project in the Punjabi city of Ludhiana, 370 kilometers north of the Indian capital of New Delhi.
The project involves the construction of 1,500 housing units and a 30,000-sq.m. commercial center on a 45.5-acre site in the city. An Azorim subsidiary will buy half the land for $31 million, and then build the project with a local partner. Azorim will finance the purchase of the land from its own resources, while construction will be financed with a loan from a local bank and sales proceeds.
This is Azorim’s second project in India. The company is a 50% partner in a $135 million luxury residential project in Faridabad, near Delhi.
Published by Globes [online], Israel business news - www.globes.co.il - on December 20, 2006
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