Hinduja, Dubai World plan $1.3 B investment

By SiliconIndia   |   Monday, 26 March 2007, 05:00 Hrs
Printer Print Email Email
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.

SPOTLIGHT
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..