Mivtach Real Estate, a subsidiary of investment company Mivtach Shamir, has purchased along with partners 1,100 dunams (about 275 acres) in the Indian city of Chennai, where it plans to build assets spreading over 2.25 million square meters (24.2 million square feet), including offices, hotels and commercial centers.
Chennai is India's fourth-largest city. Mivtch Shamir's investment is expected to amount to $13 million (out of a total of $30 million), and in exchange it will own 32% of the Indian project company.
This is not Mivtach Shamir's first investment in India. Two months ago the company announced that it would invest $15 million in the Tower Vision company, which builds and operates cellular antennas in India.
Mivtach Shamir also announced that it would invest up to $25 million in the INMB company, which plans and builds hotels in the business sector across India.
Company chairman and CEO Meir Shamir said Sunday that the company continued to tighten its hold of investments in Indian infrastructure and real estate.
Mivtach Shamir invests in industry, technology, communications and real estate companies, including Tnuva, Tefron, Solbar and Gilat. Several weeks ago, the company completed a private offering of a series of non-negotiable bonds at NIS 263.8 million (about $64.43 million) to institutional investors.