Advance India Projects Ltd (AIPL), one of the leading realtors in the country, has entered into a joint venture with the Singapore-based CapitaLand Limited to invest, develop and manage retail projects in India.
The AIPL CapitaLand joint venture will initially launch eight malls in tier II and III cities including Udaipur, Nagpur, Jaipur, Jalandhar, Gwalior, Varanasi, Khanna and Amritsar, with a combined built-up area of around 8.9 million square feet. All the projects are expected to be completed between the years 2009 and 2011.
Announcing the JV, Daljeet Singh, executive director, Advance India Projects Limited, said: “This joint venture is not just the tie-up of two successful real estate developers, but also a promise of a brand that would advance India by optimising the values of commitment, dedication and integrity, which are inherent to both the organisations.”
Liew Mun Leong, president and CEO, CapitaLand Limited, said: “The JV will strengthen our position as a leading retail real estate player in Asia. We expect to deepen our retail and fund management presence in India to become a significant long-term retail real-estate player.”
The companies have jointly taken up the project of The Celebration Mall in Udaipur. The mall will house prominent brands including McDonald’s, Arrow, Levi’s, Benetton, Reebok, Westside, Spencer Supermarket and PVR Cinemas