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Hinduja, Dubai World plan $1.3 B investment
By siliconindia
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Monday, 26 March 2007, 17:30 IST
NEW DELHI – Hinduja group is aiming at projects from real estate to commercial vehicles and healthcare services. They have announced investment plans of $1.3 billion in India and Dubai.
Hinduja and Dubai World, a holding company that manages projects for the Dubai government, are forming a joint venture that will invest in Medicare services and related infrastructure mainly in India, reported a national daily.
"In the first phase, the firm will invest $1 billion primarily in India," Hinduja India Chairman Ashok Hinduja told reporters after signing the venture. Hinduja group will own 51 percent in the venture, while Limitless LLC, a unit of Dubai World, will hold the remaining 49 percent.
Hinduja group will also invest $276 million to build resort and commercial projects, he said. It aims to develop two million square feet (185,800 sq metres) resort and commercial property in a waterfront project of Al Nakheel, which is part of the state-run Dubai World.
The group also intends to set up a manufacturing unit for truck maker Ashok Leyland Ltd. in Dubai, Hinduja said without elucidating further.