An Israeli company called Elbit Imaging plans to invest no less than $500 million in real estate development projects in India. The developer, along with its subsidiary Plaza Centers NV, intends to create a diversified portfolio in India with office, residential, and retail real estate.
In India the joint venture will be called Elbit India Plaza Management Services and will soon sign on its first residential development, an 11-acre section of land in Thiruvananthapuram. Joining them on the project will be Panchshil Realty, a Pune-based company, and a local builder.
Since 2006, Elbit has invested approximately $400 million in India, buying land in central and southern states. Elbit will also begin developing in Pune on another project: a shopping mall and and office/retail center. The combined investment value for the two projects is $200 million.
“The group views India as a long-term growth engine, which will begin to generate positive cash flows in 2012,” said Oren Kolton, country director for Elbit.
Among its other projects in India are 1,000 medium-priced apartments in Thiruvananthapuram, and the company intends to start projects in other cities, such as Chennai, Pune, and Bangalore.
Elbit Imaging Ltd develops real estate projects for commercial, hotel, residential, medical, and retail industries. Most of its projects are in Central and Eastern Europe, as well as India. It holds hotel investments in Western and Eastern Europe under the Carlson, Radisson, Park Plaza, and Park Inn brands, controlling 50 to 100 percent of each hotel. It is one of Israel’s principal holding companies.