ABU DHABI (Reuters) - Abu Dhabi's private Noor Capital said on Saturday it plans to partner with an Indian developer and help fund real estate projects worth $740 million in India.
Noor Capital has signed an initial agreement with Ansal Properties & Infrastructure Ltd and with India Realty Ltd to build residential projects in the cities of Agra and Ghaziabad, Noor said in a statement.
"The fundamentals of the India real estate market, with virtually unlimited end-user market, are excellent and are expected to remain strong for a long time," Noor's CEO Hani Shammah said in the statement.
Noor Capital will mobilise funds from Gulf Arab states through a Mauritius-based company to invest in the projects, he said.
India Realty Limited will act as an adviser. The statement put the value of the projects at about 30 billion rupees.
Noor Capital has an authorised capital of 1.2 billion dirhams ($326.8 million) and a paid-up capital of 342.9 million dirhams.
http://in.today.reuters.com/News/newsArticle.aspx?type=businessNews&storyID=2007-06-09T225437Z_01_NOOTR_RTRMDNC_0_India-302368-1.xml
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