Wadia Group Simon Group to develop luxury malls

According to unconfirmed reports, the Wadia Group is entering into a 50:50 joint venture (JV) with Simon Global Ltd, a subsidiary of the US-based real estate company Simon Property Group Inc. (SPG), to develop luxury shopping centres in India. The Wadia Group is looking at developing 8-10 luxury malls across India in the next 10 years. These shopping centres would house international luxury brands, restaurants and entertainment zones among others. SPG has a market capitalisation of $56 billion (Rs2.3 trillion) and owns or has an interest in 323 properties in the US with an aggregate leasable space of 244 million sq. ft.