You are here: Home » PTI Stories » National » News
Business Standard

Chinese firm ties up with Fortuna

Press Trust of India  |  Bengaluru 

headquartered Sino Great Wall International Engineering Company Limited today announced its foray into through a joint venture with Bengaluru-based Fortuna Group to develop real estate projects across the country.

"Having consolidated our position in and emerging as the leading stock of 'One Belt and One Road' initiative, SGW is aggressively looking at expanding globally. Upon building a formidable presence across Middle East, Southeast and African countries, SGW is now eyeing and South America," SGW Board Chairman Che Lue told reporters here.



The Shenzen listed international public company for general contracting engineering has a present market value of USD three billion.

SGW Fortuna, the joint venture entity, has obtained Foreign Investment Promotion Board approval. JV's equity split would be 80 per cent SGW and 20 per cent Fortuna, Che said.

SGW's initial investment would be USD 50 million in the JV and it would bring in similar investment within the next 18 to 24 months. To be headquartered in Bengaluru, SGW Fortuna would start its real estate operations from here and in a phased manner go pan-India, Che said.

To a query, he said he saw great potential for real estate development in India, not only in tier 1 cities, but also in tier-2 and tier-3 cities.

"We feel this is the most opportune time to foray into and SGW Fortuna is keen to redraw the Indian real estate landscape through innovative technology, eco-friendly designs/green projects and contemporary project," Che said.

Che also announced appointment of Neo Chia Wui as the CEO of SGW Fortuna. Wui is a Singapore national with 30 years of experience in real estate development.

is not new to Neo as in the past he had handled prestigious projects including Bengaluru, Che said.

Fortuna Group Director S V Rajesh Kumar said the primary mandate of the tieup "is on-time-delivery of projects' by stipulating project completion timeframe in S&P agreement.

Kumar said SGW Fortuna was all set to change the market dynamics of Indian real estate industry with its commitment to 'build to sell', unlike the current practice of 'sell to build.' "The first project will come up in North Bengaluru."

SGW was in merger and acquisition talks with several companies globally and though is not on its radar at this point of time Che did not rule out acquisition in the coming years.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

Chinese firm ties up with Fortuna

Beijing headquartered Sino Great Wall International Engineering Company Limited today announced its foray into India through a joint venture with Bengaluru-based Fortuna Group to develop real estate projects across the country. "Having consolidated our position in China and emerging as the leading stock of 'One Belt and One Road' initiative, SGW is aggressively looking at expanding globally. Upon building a formidable presence across Middle East, Southeast Asia and African countries, SGW is now eyeing India and South America," SGW Board Chairman Che Lue told reporters here. The Shenzen listed international public company for general contracting engineering has a present market value of USD three billion. SGW Fortuna, the joint venture entity, has obtained Foreign Investment Promotion Board approval. JV's equity split would be 80 per cent SGW and 20 per cent Fortuna, Che said. SGW's initial investment would be USD 50 million in the JV and it would bring in similar ... headquartered Sino Great Wall International Engineering Company Limited today announced its foray into through a joint venture with Bengaluru-based Fortuna Group to develop real estate projects across the country.

"Having consolidated our position in and emerging as the leading stock of 'One Belt and One Road' initiative, SGW is aggressively looking at expanding globally. Upon building a formidable presence across Middle East, Southeast and African countries, SGW is now eyeing and South America," SGW Board Chairman Che Lue told reporters here.

The Shenzen listed international public company for general contracting engineering has a present market value of USD three billion.

SGW Fortuna, the joint venture entity, has obtained Foreign Investment Promotion Board approval. JV's equity split would be 80 per cent SGW and 20 per cent Fortuna, Che said.

SGW's initial investment would be USD 50 million in the JV and it would bring in similar investment within the next 18 to 24 months. To be headquartered in Bengaluru, SGW Fortuna would start its real estate operations from here and in a phased manner go pan-India, Che said.

To a query, he said he saw great potential for real estate development in India, not only in tier 1 cities, but also in tier-2 and tier-3 cities.

"We feel this is the most opportune time to foray into and SGW Fortuna is keen to redraw the Indian real estate landscape through innovative technology, eco-friendly designs/green projects and contemporary project," Che said.

Che also announced appointment of Neo Chia Wui as the CEO of SGW Fortuna. Wui is a Singapore national with 30 years of experience in real estate development.

is not new to Neo as in the past he had handled prestigious projects including Bengaluru, Che said.

Fortuna Group Director S V Rajesh Kumar said the primary mandate of the tieup "is on-time-delivery of projects' by stipulating project completion timeframe in S&P agreement.

Kumar said SGW Fortuna was all set to change the market dynamics of Indian real estate industry with its commitment to 'build to sell', unlike the current practice of 'sell to build.' "The first project will come up in North Bengaluru."

SGW was in merger and acquisition talks with several companies globally and though is not on its radar at this point of time Che did not rule out acquisition in the coming years.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Chinese firm ties up with Fortuna

headquartered Sino Great Wall International Engineering Company Limited today announced its foray into through a joint venture with Bengaluru-based Fortuna Group to develop real estate projects across the country.

"Having consolidated our position in and emerging as the leading stock of 'One Belt and One Road' initiative, SGW is aggressively looking at expanding globally. Upon building a formidable presence across Middle East, Southeast and African countries, SGW is now eyeing and South America," SGW Board Chairman Che Lue told reporters here.

The Shenzen listed international public company for general contracting engineering has a present market value of USD three billion.

SGW Fortuna, the joint venture entity, has obtained Foreign Investment Promotion Board approval. JV's equity split would be 80 per cent SGW and 20 per cent Fortuna, Che said.

SGW's initial investment would be USD 50 million in the JV and it would bring in similar investment within the next 18 to 24 months. To be headquartered in Bengaluru, SGW Fortuna would start its real estate operations from here and in a phased manner go pan-India, Che said.

To a query, he said he saw great potential for real estate development in India, not only in tier 1 cities, but also in tier-2 and tier-3 cities.

"We feel this is the most opportune time to foray into and SGW Fortuna is keen to redraw the Indian real estate landscape through innovative technology, eco-friendly designs/green projects and contemporary project," Che said.

Che also announced appointment of Neo Chia Wui as the CEO of SGW Fortuna. Wui is a Singapore national with 30 years of experience in real estate development.

is not new to Neo as in the past he had handled prestigious projects including Bengaluru, Che said.

Fortuna Group Director S V Rajesh Kumar said the primary mandate of the tieup "is on-time-delivery of projects' by stipulating project completion timeframe in S&P agreement.

Kumar said SGW Fortuna was all set to change the market dynamics of Indian real estate industry with its commitment to 'build to sell', unlike the current practice of 'sell to build.' "The first project will come up in North Bengaluru."

SGW was in merger and acquisition talks with several companies globally and though is not on its radar at this point of time Che did not rule out acquisition in the coming years.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard