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March 21, 2007 10:06 IST
Wachovia, one of the largest banks in the US, with an asset base of more than $700 billion, is set to diversify in India. The bank, which has been focusing purely on correspondent banking in India for the past 25 years, has taken a decision to back real estate companies in the country.
For starters, Wachovia has entered into an agreement with Bangalore-based real estate developer RMZ Corp for the proposed Knowledge City in Bidadi on the outskirts of Bangalore.
According to information available, the Knowledge City will involve setting up an integrated township spread over 9,700 acres at a cost of Rs 3,500 crore.
The Karnataka IT Department has stated that the entire project will be awarded to a single bidder. The township will create work-live-play environment in modern urban settlements.
With this move, Wachovia joins a long list of global financial institutions such as J P Morgan, Morgan Stanley and Citigroup keen on the Indian real estate market.
Wachovia Corp, the fourth-largest bank in the US based on assets, has been operating in the country for more than 10 years.
According to a qualified bidder for the township, 24 companies have been shortlisted and they will be submitting their proposals by the end of May. It is expected that a winner will be notified within two months after submission of proposals.
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