Ansal Buildwell plans to invest USD 100 million in Bahrain market
Indian Realty firm Ansal Buildwell today has tied up with Bahrain-based VKL Holdings under which the two firms would invest USD 100 million each to develop housing and infrastructure projects in India and Bahrain.
Ansal Buildwell signed a memorandum of understanding (MoU) with VKL Holdings and group firm Al Namal to explore opportunities of investment in India and Bahrain. The venture would focus on joint development in realty and infrastructure sectors.
Ansal Buildwell Chairman Gopal Ansal told the reporters on the development, “Developers from India have not gone to Bahrain. We are joining hands with VKL Holdings to invest there.”
Shedding light on the MoU further, Ranjeev Kalia, company’s general manager said that Ansal Buildwell would invest USD 100 million in Bahrain while VK Holdings would invest USD 100 million in India. Delhi-NCR would host the first project.
Director- Business Development of VKL Holdings Mohammad Mansoor said the company has invested about Rs 1,000 crore in real estate and hospitality projects in South India. “With this MoU, we will enter into North India.”
Not satisfied with the long delays in getting clearances, Ansal said the company has decided to foray in Bahrain market due to “hassles” in India in getting clearance for projects and tough competition. He further added, “Banks are not financing. There are huge delays in getting sanctions. These things have pushed us to go overseas.”
Varghese Kurien, the largest Indian investor in Bahrain had set up VKL Holdings and Al-Namal group. They are engaged in real estate, property development and management, construction, health and hospitality divisions.
Source: The Business Standard
Al Namal, Ansal Buildwell, Bahrain, Bahrain real estate, Gopal Ansal, Hospitality, in realty and infrastructure, Indian realty, Mohammad Mansoor, Overseas project venture, Ranjeev Kalia, Varghese Kurien, VKL Holdings
