Runwal, CapitaLand forge Rs 450cr.
Economic Times (New Delhi, India), February, 2006
Feb. 16--MUMBAI, India -- Another global major is getting into India's booming real estate market. One of Asia's leading property firms, CapitaLand group, and Mumbai-based real-estate developer Runwal group have formed a JV to develop residential projects with an investment of Rs 450 crore ($100m).
Earlier this month, UK's Laing O'Rourke, a $5bn-infrastructure-major, and Delhi-based DLF had set up a JV with an initial corpus of Rs 500 crore.As per the agreement, CapitaLand will hold 49 percent equity in the company through its wholly owned subsidiary Lonsvale, while the Runwal group will hold 51 percent.
The Runwal group has so far developed over 35 residential and commercial projects in Mumbai. The JV has already acquired a 20 acre site in Ghatkopar,...
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