Ansal Properties, Ritesh Ind in JV for 800 cr project

New Delhi, Jan 8: Textile firm Ritesh Industries today said it has entered into a joint venture agreement with Ansal Properties and Infrastructure Ltd (API) for setting up a Rs 800 crore real estate project on Ludhiana-Chandigarh state Highway.

The project will consist of residential and business park, school, community centre, shopping arcade with ample parking spread over 40 acres of land.

The initial work on the site has started and formal launch of the project will take place with in a month, the company said.

''It will take two to three years to complete the project and the company shall reap a benefit of Rs 150 crore from the project,'' it added.

The Punjab Government has accorded its approval to the project and all other requisite approvals including approval of drawings have been obtained by the company.

UNI