rachit

Mivtach Real Estate, a subsidiary of Mivtach Shamir, has purchased along with its partners about 275 acres in Chennai. It plans to build assets spreading over 2.25 million square meters, which includes offices, hotels and commercial centers.

Mivtch Shamir's investment is expected to amount to $13 million , and in exchange it will own 32% of the Indian project company.

Company would also invest $15 million in the Tower Vision company and $25 million in the INMB company in India.

Company chairman and CEO Meir Shamir said that the company continued to tighten its hold of investments in Indian infrastructure and real estate.

Mivtach Shamir invests in industry, technology, communications and real estate companies, including Tnuva, Tefron, Solbar and Gilat. Several weeks ago, the company completed a private offering of a series of non-negotiable bonds at NIS 263.8 million (about $64.43 million) to institutional investors.