Tata Realty signs 50:50 JV with Dubai firm

Tata Realty and Infrastructure has signed a joint venture with Dubai-based Jafza International to develop and operate a chain of business and logistics parks in the country. The companies intend to develop 27 parks on a 50:50 joint venture basis, with a total investment of Rs 10,000 crore.

The parks would be developed in phases with the companies planning to build seven logistic parks under the first phase. In the first phase, the companies will invest around Rs 2,400 crore to build the parks that would be situated close to metros.

The land identification is underway with construction slated to begin by late next year, R K Krishna Kumar, chairman, Tata Realty and Infrastructure, told reporters here today.

These would be not on the special economic zone (SEZ) format and each park would be built on around 200-600 acres, he added.