RMZ Corp inks 50:50 JV with Mitsui Fudosan, of up to USD one

RMZ Corp, a leading privately-owned real estate developer in India, on Thursday announced that it has inked a 50-50 joint venture of up to USD one billion with Mitsui Fudosan (Asia) Pte. Ltd.

Mitsui Fudosan (Asia) is a subsidiary of Mitsui Fudosan Co. Ltd., a leading global real estate developer headquartered in Tokyo.

The association will be Mitsui Fudosan's maiden investment in India, a RMZ Corp statement said.

The first development being undertaken with this joint venture, is a 3.5 million sq.ft. project named "RMZ Ecoworld 30", located on the Outer Ring Road here.

The first phase of RMZ Ecoworld 30 has already commenced and will be operational in 2022, it said.

"This partnership also marks a joint intent to expand into other major Indian cities such as Mumbai and Delhi NCR alongside Bengaluru," the statement said.

Arshdeep Sethi, Managing Director - Executive Board, RMZ Corp, said: "This venture is in line with our 'Hyper Growth- Vision 2025', where RMZ Corp is rapidly scaling towards achieving its aggressive expansion plan, to develop 85 million square feet of assets under management."