Ajay Piramal-promoted Piramal Enterprises today announced a joint venture with Sunteck Realty and Infrastructure. The JV, called Piramal Sunteck Realty, will focus on high-end realty projects in the most sought after locations in the metros and select tier-II cities across the country. The JV will undertake its first project, a commercial / IT park of over a million square feet, at Sion, Mumbai. The JV envisages an investment of Rs 1,000 crore in various projects over the next 12 months. "We plan to create landmarks in the most attractive locations," Ajay Piramal, chairman, Piramal Enterprises, said. "Innovation and excellence are values cherished by both the groups, and they would be the cornerstone of all our projects," he added. In addition to ultra-luxury residential projects, Piramal Sunteck Realty will develop commercial projects, mixed-use townships and SEZs. "We would like to set new benchmarks of quality by employing top-class professionals and using world-class technology," Kamal Khetan, chairman, Sunteck Realty, said. "We will strive to leverage the synergies of both the groups to emerge as one of the top realty companies in the country in the coming years," he added.
