Dubai's Pegasus scouts for JVs in India

Dubai-based real estate company Pegasus Realty LLC is planning to enter the Indian market. The firm's chairman Imtiaz Panjawani told Business Standard the company would be conducting consulting business and joint ventures in India.

"We will look for opportunities to set up joint ventures with parties who hold large chunks of land. The company will bring to the table its strength in architecture design and project management in addition to the resources in marketing network it has in place," Panjwani said.

Panjwani said the firm had been active in India for a decade. It markets real estate in Dubai to Indian customers.

"In Dubai we are engaged in both constructing and managing of real estate in a big way," Panjwani said, adding that the company was currently building two commercial towns and a 50,000 sq meter mall there.

Panjwani said the company's turnover for the year 2005 was $500 million. He said Pegasus would increase its presence in India through various initiatives like sponsorship of major lifestyle events.

"As part of this, we are extending sponsorship support to Royal Western India Turf Club for this year's Pune racing," he added.