Akme Projects Forms 50:50 Joint Venture with Irish Firm to Tap Indian Realty Sector

Akme Projects, a leading real estate developer in India, has partnered with Cathedral Financial Consultants, an Ireland-based financial consultant, to form a 50:50 joint venture company. The new partnership aims to capitalize on the emerging opportunities in the Indian real estate sector, particularly in residential projects, multiplexes, hospitality, and commercial ventures. This joint venture marks the first foreign real estate investment from Ireland in India, with Cathedral Financial Consultants investing a significant €100 million. The new company plans to expand its presence in India's leading metros through acquisitions and contract wins in the hospitality sector.

Key Takeaways:

• Akme Projects has formed a 50:50 joint venture company with Cathedral Financial Consultants to tap the Indian real estate sector.
• The joint venture will focus on various projects, including residential, multiplexes, hospitality, and commercial ventures.
• Cathedral Financial Consultants will invest €100 million in the joint venture, marking the first foreign real estate investment from Ireland in India.
• Anil Nanda, Chairman of Akme Projects, will serve as the chairman of the new JV company.
• The partnership aims to capitalize on the large Indian population and the growth in the real estate market.

Statistics:

• €100 million: The investment made by Cathedral Financial Consultants in the joint venture.
• 50:50: The equity stake held by both Akme Projects and Cathedral Financial Consultants in the new joint venture company.
• 6: The number of leading metros in India where Akme Projects has a presence.
• Thousands: The estimated number of people in India who will benefit from the planned housing development projects.

Sources:

• "Akme Projects forms JV with Ireland-based firm to tap Indian real estate sector", Asia Pulse, 6 Feb.
• (PTI), "Akme Projects Forms JV with Ireland-Based County", 06-02 1600.