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Elbit Medical Imaging to invest $180m in India project
Property managing company to build complex comprising luxury apartments, hotel, shopping mall and golf course in city of Bangalore, India's 'Silicon Valley'
Naama Sikuler
Elbit Medical Imaging, a property management company, will build a residential project in the Indian city of Bangalore, together with a local entrepreneur. The company and the local partner will each invest some $180 million in purchasing the 300-acre area.
Elbit Imaging plans to set up a luxury residential complex that will comprise apartments, a hotel, an apartment hotel with some 400 rooms, a shopping mall and a golf course.
According to forecasts, sales from the project could exceed $3 billion.
The construction of the complex is set to begin within a year, and to be completed within three-five years. The city of Bangalore is considered India's "Silicon Valley" and the country's computer and electronic industries hub.
Motti Zisser, chairman of Elbit Medical Imaging, said, "We consider our growing activity in India to be a major part of our business. We have shifted the focus of our operations in India from our traditional line of activity – shopping malls and hotels, and we now concentrate also on residential buildings, office buildings and hospitals, due to our estimates that these areas enjoy high demand and offer attractive profit margins."
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