Israeli real estate firm to invest in Chennai

Israeli real estate firm to invest in Chennai


Jerusalem: Israeli firm Mivtach Real Estate, a subsidiary of investment company Mivtach Shamir, will invest about $13 million (Rs52crore) out of the total $30 million (Rs1200crore) in Chennai to construct offices, hotels and commercial centres.

The firm has purchased 275 acres of plot in the city with Indian partners and will own 32% shares in the project, ‘Ynet´ reported.

Chairman and CEO of Mivtach Shamir, Meir Shamir, said the company ‘continued to tighten its hold of investments in Indian infrastructure and real estate´.

The investment firm had earlier announced an investment of $15 million in the Tower Vision company, which builds and operates cellular antennas in India.

It also announced that it will invest up to $25 million in the INMB company, which plans and builds hotels in the business sector across India, the report said.