Abu Dhabi's ABG plans Indian foray

Abu Dhabi-based estate developer, the Al Badie Group (ABG), today said it was interested to enter into a joint venture partnership with local developers to foray into the Indian realty space.

"India is an important market for us. We are looking at the market very closely. We will prefer to go for a joint venture partnership with a local player, which has enough expertise, to enter into the market," Khaled Mohammed Al Badie, vice-president, ABG, said.

ABG, he said, is already in talks with UAE-based banks having Indian operations, to help it find prospective partners to enter the Indian realty market, which is estimated to be worth $50 billion by 2010.

"We would like to put up residential and commercial projects as well as hotels in India," Badie said, adding that the company is yet to finalise the location.

"It is too premature (to talk about locations) now," he said.