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Elbit Medical in $3b Indian project

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Elbit Medical in $3b Indian project

Last updated: June 7 2007
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  • Elbit Medical in $3b Indian project

    More action in Banglore and more foreign money in..

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    Published by Globes [online], Israel business news - www.globes.co.il - on June 7, 2007


    The company will build a luxury residential and commercial project in Bangalore.

    Michal Yoshai 7 Jun 07 13:20

    Elbit Medical Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) has signed a MOU for a joint venture with a real estate developer in India. Elbit Medical will invest $180 million in the purchase of land for the venture.
    The two companies will acquire the building rights to approximately 190 acres of land situated in a luxury neighborhood of Bangalore. In addition, the Indian partner will transfer to the joint venture part of the development rights of an adjacent 100 acre-lot.


    Elbit Medical's revenue from the project is expected to exceed US $3 billion.

    Elbit Medical will make an advance payment of $50 million for the land, a deposit that will be returned should the terms of the agreement not be met. The company will offer 50% of its share in the venture to its subsidiary Plaza Centers NV (LSE:PLAZ).

    The companies will build two million sq.m. of space for 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.

    Construction of the project will begin within 12 months, and will be executed in stages to be completed over the course of the next three to five years.
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