Indian conglomerate to invest $1.5b into Dubai property

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Indian business tycoon Ravi Pillai
Indian business tycoon Ravi Pillai

India’s diversified business conglomerate Ravi Pillai Group, owned by tycoon Ravi Pillai, plans to deploy $1.5 billion on real estate development in Dubai, the Press Trust of India reported. It is the first time the $3-billion-plus entity is getting into realty in these markets, with general and industrial construction having been its core focus until now, the report said.

The Group is targeting real estate as contributing 10 per cent of overall turnover before the end of the decade. In India, the Group has recently built up a property portfolio, but principally in hospitality and through management contracts with Leela Group and ITC Hotels.

According to the report, during this period, the group turnover is projected to grow in the range of 5-10 per cent.

The Group’s founder and chairman Ravi Pillai said that a 3-million-square-feet project in Dubai will have serviced apartments, residences and a dedicated retail precinct as well as a five-star hotel.

Others include a five-star hotel in Dubai Marina to be operated by Crowne Plaza, a four-star hotel in Bur Dubai to be managed by India’s ITC Group; and a serviced apartment complex near Downtown Dubai, the report added.

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Reading Time: 1 minute

Indian business tycoon Ravi Pillai

India’s diversified business conglomerate Ravi Pillai Group, owned by tycoon Ravi Pillai, plans to deploy $1.5 billion on real estate development in Dubai, the Press Trust of India reported. It is the first time the $3-billion-plus entity is getting into realty in these markets, with general and industrial construction having been its core focus until now, the report said.

Reading Time: 1 minute

Indian business tycoon Ravi Pillai
Indian business tycoon Ravi Pillai

India’s diversified business conglomerate Ravi Pillai Group, owned by tycoon Ravi Pillai, plans to deploy $1.5 billion on real estate development in Dubai, the Press Trust of India reported. It is the first time the $3-billion-plus entity is getting into realty in these markets, with general and industrial construction having been its core focus until now, the report said.

The Group is targeting real estate as contributing 10 per cent of overall turnover before the end of the decade. In India, the Group has recently built up a property portfolio, but principally in hospitality and through management contracts with Leela Group and ITC Hotels.

According to the report, during this period, the group turnover is projected to grow in the range of 5-10 per cent.

The Group’s founder and chairman Ravi Pillai said that a 3-million-square-feet project in Dubai will have serviced apartments, residences and a dedicated retail precinct as well as a five-star hotel.

Others include a five-star hotel in Dubai Marina to be operated by Crowne Plaza, a four-star hotel in Bur Dubai to be managed by India’s ITC Group; and a serviced apartment complex near Downtown Dubai, the report added.

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