The Mukesh Ambani-controlled Reliance Industries Limited (RIL) has entered into a 50:50 joint venture with the New York-based Vornado Realty Trust to develop and operate shopping centres at major cities in the country.
Confirming this to Indiaretailing, an official spokesperson for Reliance Industries said, “We have entered into a joint venture with Vornado and will be investing around 25 million dollars for developing shopping centres across major cities in India.”
The shopping centres will cover an approximate area of around 500,000 to 1,000,000 square feet each and will be anchored by a hypermarket to be owned and operated by Reliance.
RIL currently operates over 700 retail stores in multiple formats in India.
Vornado Realty Trust is a fully-integrated equity real estate investment trust. It is one of the largest owners and managers of real estate in the United States with a portfolio of over 100 million square feet in its major platforms, primarily located in New York and Washington, DC metro areas.
— Satrajit Sen