Dubai, Nov 12: Barwa Real Estate, a realty major in Qatar, and Sun Group, a leading investor and private equity fund manager in India have entered into a joint venture agreement to explore the Indian real estate market.
Sun Group and Barwa have proposed to form a 50:50 joint venture company to be named as Sun-Barwa Land. The new company will seek approval from the Foreign Investment Promotion Board (FIPB) in India to aggregate, acquire, hold and develop land banks in high growth areas in the country. Sun Group and Barwa together will raise capital from investors in Qatar and West Asia.
Ghanim Bin Saad Al Saad, Barwa's chairman and managing director said, ''It was part of our strategy to enter the Indian market that has strong fundamentals and solid growth parameters.'' Barwa looks forward to its partnership with Sun Group due to its extensive experience in the Indian market,'' the Peninsula quoted him, as saying.
Nand Khemka, chairman of Sun Group said, ''We are proud to be partnering with Barwa which brings in significant expertise from Qatar to India with potential for major growth in years to come.''