RMZ Corp forms JV with Japanese firm for commercial projects

Bengaluru-based realty player RMZ Corp on Thursday said it has formed a joint venture of USD 1 billion (around Rs 7,100 crore) with Tokyo-headquartered Mitsui Fudosan (Asia) for developing commercial projects across India.

The investment by Mitsui Fudosan (Asia), a subsidiary of Mitsui Fudosan, marks its foray in the Indian real estate market.

"The 50:50 joint venture of USD 1 billion has been forged to augment RMZ Corps' future of space landscape in the country with a focus on cities like Mumbai and Delhi NCR along with Bengaluru," the company said in a statement.

To begin with, the joint venture will develop 3.5 million sq ft office space 'RMZ Ecoworld 30' in Bengaluru. The first phase of RMZ Ecoworld 30 has already commenced and will be operational in 2022.

This venture is in line with the company's vision of developing 85 million sqft of assets under management, the company said.

RMZ currently has 67 million sqft of real estate assets across cities including Bengaluru, Mumbai, NCR, Chennai, Hyderabad and Pune.

"RMZ Corp continues to expand its distribution channels and national footprint. Looking ahead, RMZ Corp is pegged to scale across market environs and will continue to accelerate with an unyielding effort in making this a remarkable journey along with our partner Mitsui Fudosan," RMZ Corporate Chairman Manoj Menda said.

Commenting on the partnership, Mitsui Fudosan Executive Managing Officer Akihiko Funaoka said, "We hope to add value to this venture with our Japanese expertise and look forward to growing this association with RMZ Corp. This partnership is in line with Mitsui Fudosan Group's strategy to achieve exponential growth of our global business."