Tatas, Dubai firm to set up business parks

Tata Realty and Infrastructure (TRIL), the Tata Group's infrastructure and real estate development subsidiary, and Dubai-based Jafza International, the global operations arm of Economic Zones World, have signed an MoU to set up a joint venture to develop and operate a chain of business and logistics parks across India.

Jafza International currently manages seven mega facilities in four countries and has 20 different projects at various stages of development. With the Tata partnership, the company is planning to expand its operations in the country.

"India figures prominently in Economic Zones World's global growth strategy. Over the past two years, Jafza International has invested a substantial amount of time and resources in running feasibility studies and plotting an India-wide strategy to set up business and logistics parks. This MoU opens the door to an ideal partnership that will yield long-term benefits to both Jafza International and TRIL," said Chuck Heath, managing director, Jafza International.

"We believe that Jafza International's outstanding track record in developing and managing business and logistics parks would add great value to this collaboration. TRIL and Jafza share the common vision of driving development wherever they invest. Our partnership holds promises of immense business opportunities for both sides," said TRIL Chief Executive Dinesh Chandok.

Chandok and Economic Zones World CEO Salma Hareb signed the MoU in Dubai.

Recently, another Tata group company Trent entered into an agreement with the Xander Group, a global private equity firm. The move was aimed at having a strong realty portfolio for the expansion of its Westside, Landmark and Star India Bazaar projects.