30th Jan 2008
Singapore based realtor CapitaLand plans to invest $750 million in 15 malls across India through two joint ventures with Indian companies. The venture will be fully funded by the CapitaRetail India Development Fund, in which it has 45 per cent share.
CapitaLand plans to duplicate its China strategy in India, which is to focus first on the gateway cities, including Mumbai, New Delhi and Bangalore, and then venture out. Liew Mun Leong, CEO of CapitaLand said, "We have already formed a fund in Singapore which will invest in India. This fund will be used to invest in the funds in Asia.
Being the largest retail property landlord and manager in Singapore, CapitaLand said the two joint ventures will give it immediate presence and scale within India, with 15 predominantly retail projects across 14 cities.
One of its partners, the Prestige Group, will give it greater access to South India while the other, Advance India Projects, will help it expand in the northern India.http://www.indianwineacademy.com/dm_191_item_5.aspx
