The Hindu : Business : Hindujas plan tie-up in UAE

Online edition of India's National Newspaper
Tuesday, Mar 27, 2007
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Business

Business

Hindujas plan tie-up in UAE

Special Correspondent

Focus on health care in India

NEW DELHI: The Hinduja group on Monday announced its plans to invest over Rs. 5,500 crore in health care in India and property development business in the UAE, where it is also examining the prospects of setting up an automobile unit.

The group has signed separate agreements with the UAE's state-run firms to pursue development of commercial properties and resorts in the Gulf nation, besides setting up medi-cities, hospitals and day care centres in India.

Joint venture

The group has forged a joint venture with Limitless LLC, a subsidiary of Dubai World, for the health care business, which will see an investment of $1 billion (nearly Rs. 4,400 crore) in two to three years. The project involves setting up of medi-cities in Delhi, Mumbai, Bangalore and Hyderabad with about 2,000 beds.

The investment may come through the group's listed entity in India, Hinduja TMT, Hinduja Group Chairman (India) Ashok P. Hinduja told reporters here. "As Hinduja TMT is a listed company, we have to seek the approval of the board... The group will hold 51 per cent stake in the joint venture and Limitless the balance,'' he added.

On plans to invest Rs. 1,200 crore in the real estate business in the UAE, he said: "The company has already bought land in the waterfront project of Al Nakheel, a member of Dubai World (an investment and holding company of government of Dubai).''

Gulf Oil Chairman Sanjay G. Hinduja inked the agreement with Dubai World on real estate.

At the same function, R. Seshasayee, Managing Director of the group's flagship, Ashok Leyland, signed an MoU with Dubai World Chairman Sultan Ahmed Bin Sulayem to explore investment opportunities in Dubai's auto sector.

Videocon mulls

unit in Dubai

The Videocon group on Monday said it was considering setting up a Rs. 1,000 crore manufacturing unit in Dubai. "We have been invited by Prime Minister of UAE and ruler of Dubai to set up a unit in Dubai. We will be going there next week to discuss details," Videocon Chairman Venugopal Dhoot said here.

PTI reports:

DLF, Al Nakheel plan townships

DLF plans to invest about $24 billion for developing two townships in collaboration with the Dubai-based Al Nakheel over six years. "DLF and Nakheel have floated a 50:50 joint venture,'' a company official said. The joint venture plans to set up two townships of 20,000 acres, he added.

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