Israeli venture buys land in India for $ 150 mln

JERUSALEM, Feb 12 (Reuters) Israel's Property and Building Corp and Electra Real Estate said their joint venture in India had bought a plot of land intended for residential construction in a deal worth 0 million.

The companies bought a 330 acre plot in India's sixth-largest city, Hyderabad, near the city's high-tech area and airport, they said on Monday.

The companies have building rights for 3,00,000 square meters and intend to construct 2,300 residential units.

Property and Building, a subsidiary of holding company IDB Development Corp., and Electra both hold a 45 percent stake in the joint venture, which also includes an unidentified Indian partner with 10 percent.

''I foresee that these deals and their potential will be a growth engine for the company in the near future,'' said Rafi Bisker, chairman of the board at Property and Building.

The companies have so far invested about million of the expected 0 million investment.

The companies had earlier announced their agreement on a joint venture to invest 0 million in real estate projects in southeast India and, including this project, are involved in construction on a total area of 550,000 square meters.

REUTERS PV BD1656