By IANS,
New Delhi : In another big foreign participation in India’s realty sector, Swiss-German company MPC Synergy has formed a 50:50 venture with the Anil Nanda group to initially invest $100 million in various projects in the country.
The joint venture, called Platinum Projects, has been formed with the Akme group of Nanda, who is the son of the late H.P. Nanda, founder of the New Delhi-based Escorts group.
The first of the projects will be Akme Platinum – also called Villas in the Sky, a super luxury housing project in Ludhiana – followed by six similar residential complexes in other cities, including Mohali, officials of the two firms told reporters here.
The joint venture will also target Bangalore, Gurgaon, Noida and Greater Noida with a proposed investment of $250 million.
“In the first phase, we will be developing 5 million sq.ft. of residential space that will constitute 1,700 premium luxury apartments, with world class amenities,” said Nanda, who is chairman of the Akme group.
“Ludhiana is the business capital of Punjab with large spending power. Also the city has a large non-resident Indian population – our potential customers. Ours is a new concept combining community living with privacy and open space of bungalows,” he said.
“India is a very important emerging market for us and there is a huge interest of German investors in the Indian market,” said Ali Arnaout, managing director of MPC, which is a large fund house in Germany with over $18 billion in assets under its control.
“Our main focus will be residential projects. However, we are also planning to invest in two IT SEZs in Hyderabad and Manesar,” said Jay Oberai, managing director of the Synergy Asset Management Company that holds a stake in MPC-Synergy.