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ABG, Abu Dhabi seeks JV partner for India foray

Press Trust of India  |  Mumbai 

Abu Dhabi-based real estate developer, the Al Badie Group (ABG), today said it was interested to enter into a joint venture partnership with local developers to foray into the Indian realty space.

"India is an important market for us. We are looking at the market very closely. We will prefer to go for a joint venture partnership with a local player, which has enough expertise, to enter into the market," Khaled Mohammed Al Badie, vice president, ABG, told PTI.

ABG, he said, is already in talks with UAE-based banks having Indian operations, to help it find prospective partners to enter the Indian realty market, which is estimated to be worth $50 billion by 2010.

"We would like to put up residential and commercial projects as well as hotels in India," Badie said, adding that the company is yet to finalise the location."It is too premature (to talk about locations) now," he said.

The company, he said, is interested in an equal joint venture partnership and the company with which it intends to ink the deal has to have wide experience and a good track record.

"It does not matter whether it is a big company or a small one," Badie said.

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First Published: Tue, November 20 2007. 17:18 IST