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UAE's Rakeen forms JV to invest $5 billion in India


UAE's Rakeen forms JV to invest $5 billion in India

Last updated: December 4 2007
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  • UAE's Rakeen forms JV to invest $5 billion in India

    Rakeen, a joint stock global business company promoted by the government of Ras-Al-Khaimah UAE and Chennai-based mineral conglomerate Primex Group, on Monday said it will invest up to $5 billion over the next five years for different real esta te projects in India.

    The two partners have formed a real estate joint venture - Rakiendo Developers to undertake the projects in India. The company is looking at developing upto 50 million sq ft of residential, commercial and office space over the next seven years.

    Rakiendo will kickstart its Indian project with a $1.5 billion integrated township and SEZ in Coimbatore spread over 1,000 acres by the first quarter of next year.

    "Establishing an integrated township and IT park in Tamil Nadu affirms our belief in the State and is definitely a step towards our effort to bring world-class facilities to India,'' Advisor to the crowned prince and deputy ruler of the Emirates, Ras-Al- Khaimah and CEO RAK Investment Authority Khattar Massad said.

    Rakiendo already has a land bank of over 4,000 acres and it plans to establish a pan-India presence by 2009. The company is currently in negotiation to acquire an additional 5,000 acres. Rakiendo is spreading its pan-India presence by focussing in tier- I and tier-II cities. - PTI

    - HinduBusinessline
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