Indian realty firm signs JV with Oman firm

September 16th, 2008 - 6:07 pm ICT by IANS  

Dubai, Sep 16 (IANS) Indian real estate developer Amit Enterprises said it has tied up with Oman’s trading company to set up a joint venture firm for development of various residential and commercial projects in the Gulf nation. The Pune-based firm has signed an agreement with Oman’s Al Tamman Trading Establishment to establish Khaleej Oman Real Estate (KORE) Company to develop projects in Oman’s main cities of Muscat, Sohar and Salalah, the Oman Daily Observer reported.

“We have been analysing the Omani real estate market for over an year and are bullish on the long-term prospects here,” Amit Enterprises Chairman Kishor Patel said.

He said KORE would launch its operations with a 40 million-Omani riyal ($103.9 million) project at Ghala near Muscat.

Amit Enterprises’ major projects in India are largely concentrated in Pune, Mumbai, Nashik and Kalyan in Maharashtra.

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