INDIA BUSINESS WORLD - JANUARY 1^st - JANUARY 15^th - 2008

INOX TO INVEST RS 100CR IN INDIAREIT UNIT

Ajay Piramal-promoted real estate fund Indiareit has sealed a strategic alliance with multiplex chain Inox, which will invest over Rs 100 crore in Indiareit's domestic unit as a value-added investor, reports Rajesh Unnikrishnan. Accordingly, Indiareit would offer a preferred tenant status to Inox in its all upcoming shopping malls and townships projects. This move reflects the trend of growing alliances in the heated domestic real-estate market. "This will set a trend in the real estate funding wherein leading brands join with real estate funds to approach as a team to developers and offer a win-win situation for all the participants," Ramesh Jogani, Indiareit CEO, siad. He said that the real estate fund would offer a 'first right of refusal' to Inox in setting up multiplex in Indiareit's various projects.