Ansal signs MoU with UAE-based Deyaar to develop township in India

New Delhi, May 9 (UNI) Ansal Properties and Infrastructure Ltd today signed a memorandum of understanding (MoU) with UAE-based Deyaar Development PSC for developing a mega mixed use township comprising of residential, commercial, institutional and industrial properties in India.

The MoU records the broad terms and conditions which includes Deyaar agreeing to take up to 40 per cent stake in the project.

With this deal, Deyaar will bring into India its international expertise and funds in compliance of all legal requirements and/or with the requisite approvals, to complement the business of the company in real estate development.

Deyaar is a wholly owned subsidiary of Dubai Islamic Bank, and one of the fastest growing real estate companies in the region.

It currently manages over 16,000 commercial and residential properties worldwide.

UNI