Hinduja Group on Monday said it would invest Rs 1,200 crore (Rs 12 billion) in property development business in the United Arab Emirates, while its flagship Ashok Leyland intends to set up a commercial vehicle manufacturing unit in Dubai.
Ashok Leyland managing director R Seshasayee on Monday signed a Memorandum of Understanding with the chairman of Dubai World, Sultan Ahmed Bin Sulayem to explore investment opportunities in Dubai.
Hinduja Group (India) chairman Ashok P Hinduja said the details of the new manufacturing project were being worked out.
On the real estate front, he said the development would span commercial properties and resorts and other real estate activities.
"The company has already bought land in the Waterfront Project of Al Nakheel, which is a member of Dubai World - an investment and holding company owned by the government of Dubai," Hinduja added.
He said the group would be developing 2 million sq ft of property.
Commenting on the tie-up with the Hinduja Group, Sulayem said it would bring invaluable capacity to the projects implemented in Dubai.
On Ashok Leyland's plans for setting up a unit in Dubai, Ashok Hinduja said the details of the new manufacturing project were being worked out.
As regards the real estate project, he said the group would be developing 2 million sq ft of property.
Commenting on the tie-up with the Hinduja Group, Sulayem said it would bring invaluable capacity to the projects implemented in Dubai.
Referring to the health care project in India, Ashok Hinduja said the company could also look at applying for an SEZ status for these medi-cities.
"The project would not only provide hospital facilities, but also offer nursing schools and other services like clinical trials," he said.
The joint venture will also create centre of excellence in medicare and would move to smaller cities and towns in the second phase.
Global consultancy firm AT Kearney had worked out a long-term business plan for the venture. Hindujas are already running a hugely successful hospital -- P D Hinduja National Hospital and Medical Research Centre -- in Mumbai.
On the branding on the chain, Hinduja said it has not been finalised yet, but was most likely to be under the group's name.
