Ansal Properties & Infrastructure Ltd has announced that a Memorandum of Understanding (MOU) has been entered between the Company, India Realty Ltd (IRL) having experience of real estate developments in India, and Noor Capital, PSC, UAE, with head quarters in Abu Dhabi, (NOOR), for bringing in foreign direct investments (FDI) from Gulf Cooperation Council Countries. The FDI is initially proposed into the approx 500 acres of township in Agra Project of the Company, and a Group Housing Project in Ghaziabad, one of the joint ventures of the Company, both in U.P. The projected turnover for both these Projects is around Rs 3000 crores over the next 7 to 8 years.
The MOU records the broad terms and conditions as regards investment through NOOR and also includes NOOR along with IRL agreeing to identify other project/s for joint developments with the Company. NOOR shall bring its international expertise of funding in real estate projects, in India, in compliance of all legal requirements and / or with the requisite approvals, to complement the business of the Company in real estate development.
NOOR is an investment Company licensed and regulated by the Central Bank of the United Arab Emirates with an authorized capital of AED 1.2 Billion and a paid-up capital of AED 342.9 Million. One of the key strengths of NOOR is its diverse and multinational shareholder base, which includes the UAE, Kuwait, Kingdom of Saudi Arabia, Qatar and Bahrain.
The stock closed the day at Rs.330.85, up by Rs.7.55 or 2.34%. The stock hit an intraday high of Rs.336 and low of Rs.322.05. The total traded quantity was 266262 compared to 2 week average of 185871
http://www.equitybulls.com/admin/news2006/news_det.asp?id=12917
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