Israel's Elbit Medical Imaging Ltd has signed a Memorandum of Understanding 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 neighbourhood of Bangalore according to a business daily 'Globes'. The unnamed 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 and make an advance payment of USD 50 million for the land, a deposit that will be returned if the terms of the agreement are not met.

Elbit will offer 50 per cent of its shares in the venture to its subsidiary, Plaza Centres, With this, company's revenue is expected to exceed $3 billion, the daily said.

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 two million sqm of space, it said.

The project will start within 12 months and will be executed in stages over a period of three to five years.
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