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March 26, 2007 17:35 IST
India's largest real estate firm DLF plans to invest about $24 billion for developing two townships in collaboration with Dubai-based Al Nakheel over a period of six years.
"For the investment DLF and Nakheel have floated a 50:50 joint venture," a company official said.
The JV plans to set up two townships of 20,000 acres, one around Delhi and the other near Mumbai, the official added. The first phase will be completed in the next three years with an investment of about $10-12 billion, he said.
Work on the project will start this year and is expected to be completed by about 2013, he added.
"Some of the land needed for the township would come from the existing land bank of DLF, while the rest is being bought directly from farmers," he said. Capital-based DLF is planning to raise about Rs 13,600 crore (Rs 136 billion) through its initial public offer for which it is awaiting approval from SEBI.
It had filed the Draft Red Herring Prospectus in January this year. This is the second major partnership of the firm after its agreement with US-based hospitality giant Hilton for its foray into hotel business.
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