Israeli’s Mivtach Shamir to Invest in Chennai
Mivtach Real Estate, a subsidiary of investment company Mivtach Shamir, has purchased along with partners 1,100 dunams (about 275 acres) in the Indian city of Chennai, where it plans to build assets spreading over 2.25 million square meters (24.2 million square feet), including offices, hotels and commercial centers.
Chennai is India’s fourth-largest city. Mivtch Shamir’s investment is expected to amount to $13 million (out of a total of $30 million), and in exchange it will own 32% of the Indian project company.
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