A joint venture of Electra Real Estate Ltd. (TASE:ELCRE) and Property and Building Ltd. (TASE: PTBL) is in negotiations to buy a 37.5-acre lot in Chennai, India, zoned for a 426,000-square meter residential and commercial project, for $58 million. The companies expect development costs of the project, including land, to total $400 million.
In December 2006, the two companies founded a Mauritius-registered company to develop income-producing projects in India. The two companies own 90% of the joint venture in equal shares. Electra Real Estate is a subsidiary of Electra Ltd. (TASE: ELTR), controlled by chairman Gershon Salkind, and Property and Building is a subsidiary of IDB Holding Corp. Ltd. (TASE:IDBH), controlled by chairman and CEO Nochi Dankner.
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