Hinduja plans to invest over Rs.5500 crore
Hinduja Group has announced its plans to invest over Rs.5500 crore in health care in India and property development business in UAE. It is also exploring to set up an automobile plant. Seperate agreements were signed by Hinduja Group with state-runs firms of UAE to pursue development of commercial properties and resorts in the Gulf nation.
It also plans to set up medi-cities, hospitals and day care centres in India. The project involves setting up of medicities in Delhi, Mumbai, Bangalore and Hyderabad with about 2000 beds in the first phase and would move to smaller cities and towns in the second phase.
Hinduja group has forged a 51:49 joint venture with Limities LLC, a sibsidiary of Dubai World, for the health care business, which would see an investment of $1 billion (nearly Rs 4,400 crore) in two to three years. The company could also look at applying for an SEZ status for these medi-cities.
Hinduja Group Chairman (India) Ashok P.Hinduja said that the investment would most probably come through the group’s listed entity in India. He said that the company had already bought land in the waterfront project of 1 Nakheel - a member of Dubai World, and investment and holding company of government of Dubai.
The agreement with Dubai World on real estate was linked by Gulf Oil Chairman Sanjay G Hinduja. R.Seshasayee, MD of the group’s flagship Ashok Leyland, also signed a MoU with Dubai World Chairman Sultan Ahmed Bin Sulayem to explore investment opportunities in Dubai’s auto sector. Ashok Hinduja said the details of the new manufacturing project were being worked out.
