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Irish firm brings 100m euros

Anil Nanda-promoted Akme Projects Ltd has formed a 50:50 joint venture with Ireland-based Cathedral Financial Consultants Ltd to venture into the real estate space.

india Updated: Feb 02, 2006 01:38 IST
Arun Kumar

Anil Nanda-promoted Akme Projects Ltd has formed a 50:50 joint venture with Ireland-based Cathedral Financial Consultants Ltd to venture into the real estate space. The JV will focus on multiplexes and housing, hospitality and commercial projects. Cathedral will invest 100 million euros in India through the joint venture.

Talking to the Hindustan times, Anil Nanda, chairman of Akme and CMD of Goetze (India), said that Akme would bring in matching funds to develop the various projects in the country. A senior-level team from the proposed joint venture had already identified some places in Punjab to develop a complete integrated township, he added.

John McEneaney, managing partner of Cathedral Financial, said that the partnership with Akme was an important and significant step for their India strategy. “The large Indian population offers great opportunity for housing development. The marriage of knowhow and global positioning in real estate with Akme’s existing strength is an excellent match. We have developed real estate projects across the world, and like to bring the expertise to India, which is one of the thriving economies and offers great opportunities,” he added.

“Ideally, 400 acres of land would be needed for a township, but currently we are looking at two sites of 110 acres and 115 acres in Punjab,” Nanda said. The joint venture will explore the opportunities in the areas of townships and recreation, among others. Each of these projects will be developed through the special purpose vehicle route. “Our vision is to create “integrated cities” consisting of residential, commercial, retail and recreational areas within a few miles of the municipal limits of existing cities,” Nanda said. Akme Projects, a property development firm, was set up in June 2004 by Anil Nanda. Nanda and the senior team of Akme recently visited Ireland for a roadshow.

On time-frame and modalities for investment of 100 million euro, Nanda said that a detailed break-up had not yet been decided. “We are yet to crystalise the details of the funds in terms of what would be the paid-up capital and other financial instruments. But we are hopeful to achieve the financial closure of an amount in excess of 100 million euros,” he added. In fact, the company is looking at rolling out investments over 700 million euros in the next three years.,

Nanda clarified that Akme Projects would continue realty development in its focused areas. In the current year ending March 2006, the company will post revenues of Rs 200 crore. In fact, the company may also be listed over the next two years.

First Published: Feb 02, 2006 01:38 IST