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Virtuous Retail to invest $160 mn in Gujarat

PTI  Mumbai, July 21, 2013
First Published: 13:54 IST(21/7/2013) | Last Updated: 13:58 IST(21/7/2013)

Virtuous Retail (VR), India's first institutionally owned developer-operator, sponsored by the Xander Group Inc, on Sunday said it is investing $160 million in Gujarat in retail space.


"We are expanding our retail projects in Ahmedabad and Vadodara which have good propensity to spend and are aspirational, which make it conducive for retail investment. The total investments in the state would be to the tune of $160 million," Virtuous Retail director, marketing, Anupam Yog told PTI.

The company is also actively looking at new greenfield developments and exploring acquisitions of existing developments in key cities such as Ahmedabad and Nagpur in the region, Yog said.

In May this year, the company launched community-oriented premium Lifestyle Shopping Centers spread over 600,000 square feet in Surat in Gujarat. It is also contemplating to set up a hotel property in Surat, Yog said.

"We see huge potential in Western region including Gujarat," he said.

Virtuous Retail's pan-India portfolio includes locations in Bangalore, Chennai, Mumbai, Pune, Surat and Kolkata. VR's sponsor the Xander Group Inc has invested a total of $600 mn of equity into the retail platform.

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