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Plaza Centers to invest Rs 1,000 cr in India

Plaza Centers to invest Rs 1,000 cr in India
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First Published: Fri, Sep 30 2011. 03 52 PM IST
Updated: Fri, Sep 30 2011. 03 52 PM IST
New Delhi: London-listed shopping centre investor, Plaza Centers NV, will invest around Rs 1,000 crore in its India operations across five new projects over the next two and a half years, an executive of its India unit said on Friday.
“All of these will be joint venture (JV) projects. We are not buying land any more as that is not a feasible model,” Shashank Pathak, director of marketing and leasing told the news agency in an interview.
The company will enter the Indian market with a shopping mall in the western city of Pune, which is expected to become operational in December.
Plaza Centers, which has €1.48 billion of global assets, is betting big on rising spending in Asia’s third-largest economy, Pathak said, as the government looks to open up a $450 billion retail sector to foreign investors.
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First Published: Fri, Sep 30 2011. 03 52 PM IST