News & Views on Indian Real Estate

Wednesday, August 20, 2008

RIL and Vornado plan to invest $500 Million in Shopping Mall JV

Mukesh Ambani-led Reliance Industries has announced a 50-50 partnership with US-based real estate investment trust, Vornado to invest $500 million in a shopping mall joint venture. Under the venture, RIL and Vornado Realty Trust would commit up to $250 million each to acquire, develop and operate retail shopping centers across key cities in India. "The shopping centers will contain 500,000 to 1,000,000 or more square feet and typically be anchored by a hypermarket to be owned and operated by Reliance," Mr. Vornado said.

manish said...

This is really big investment and it will need caution in development of mall.

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