Mumbai, June 7: Israel-based Elbit Medical Imaging is joining hands with a real estate developer to set up a residential complex in Bangalore.
Though Elbit did not reveal the identity of the real estate developer, the company said it would invest around $180 million in the 50:50 joint venture. While the joint venture partners plan to buy 300 acres in Bangalore, construction will begin in a year and is expected to be completed in three to five years. Elbit expects the revenues from the project to exceed $3 billion.
The project will include high-end apartments, a hotel, a shopping centre, golf course and other amenities such as swimming pool and recreation areas.
Elbit and its subsidiaries are engaged in initiation, construction, operation, management of shopping and entertainment centres and other real estate properties primarily in Israel and Europe. It also distributes and markets women’s apparel and accessories. The company is based in Tel Aviv.
Elbit chairman Motti Zisser said the company would focus on residential and office buildings apart from hospitals as it saw a high demand in these sectors.
Last December, Elbit had forged an alliance with the Ambuja Realty Group to develop and operate a chain of multi-specialty tertiary hospitals in the metros.
The first in the chain will be a 1,000-bed hospital and biotech research centre in Calcutta. It will be called The Neotia Elbit Healthciti. The project will include ancillary services such as serviced apartments for patients’ families, a medical mall, an alternative medicine centre and a nursing training institute. The project will entail an investment of Rs 1,000 crore.
http://www.telegraphindia.com/1070608/asp/business/story_7893677.asp
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