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Hindujas in talks with Italy’s Pessina for $2 bn realty projects

Hindujas in talks with Italy’s Pessina for $2 bn realty projects
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First Published: Sun, Feb 06 2011. 12 16 PM IST
Updated: Sun, Feb 06 2011. 12 16 PM IST
Milan: Conglomerate Hinduja Group is in talks with Italian construction company Pessina Construzioni to develop four real estate projects, costing $2 billion (over Rs9,000 crore), in India.
“Pessina Construzioni is one of the foremost firms in the Italian construction industry. We have approached them to develop four projects of USD two billion in India,” Prakash P. Hinduja, chairman, Advisory Board of Hinduja Bank, Switzerland, told PTI.
The four projects, including both residential and commercial spaces, will be developed in Bangalore and Hyderabad in an area of 1,002 acres, he said.
Pessina Construzioni, which is in the construction business for last 60 years, has been building residential and office buildings, industrial buildings, healthcare infrastructure and road-building throughout Italy.
“We had first meeting with Hinduja Realty Ventures recently. It is a very large project for us. Nothing has been finalised yet,” Dott Roberto Reale, international business developer of Pessina Construzioni, said.
Hinduja Realty Venture is the three-year-old real estate arm of the Hinduja Group. It currently has 30 million square feet to undertake development, including integrated township, residential complexes, IT and knowledge parks, hospitality and retail.
In September last year, the company had announced that it will invest Rs5,500 crore to develop four realty projects in Bangalore, Hyderabad and Chennai.
The Hinduja Group companies include Ashok Leyland, Gulf Oil Corporation Ltd, IndusInd Bank and others across sectors.
The Group employs over 40,000 people and has offices in many key cities of the world and all the major cities in India.
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First Published: Sun, Feb 06 2011. 12 16 PM IST