Lloyds Finance promoted Lloyds Housing Finance Co (LHF) is tying up with Hong Kong-based property consultancy company Brooke, Hillier and Parker (BHP) South Asia.
The joint venture would have a 49 per cent foreign equity and is being set up to act as a property and real estate consultancy.
The new venture is to be christened Lloyds Brooke Hillier Parker Property Services.
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According to sources, the Foreign Investment Promotion Board (FIPB) has already cleared the proposal of both the partners to float the company, but on the condition that it does not participate in property construction at all.
Most probably the new venture would take off in May, 1997, and is to have an initial authorised capital of Rs 1 crore.
Brooke, Hillier and Parker is hoping to use this venture to track a toe-hold in the growing property consultancy business in India, where property service majors like Colliers Jardine and Richard Ellis have already set up shop.
For LHF, the venture will not only help it to attract new business but also give it access to international markets.
The new company would also get a lot of leverage and access to BHP's existing worldwide client base.
BHP has an extensive network in south east Asia.