Indian conglomerate to invest $1.5b into Dubai property

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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[caption id="attachment_20948" align="alignleft" width="217"] Indian business tycoon Ravi Pillai[/caption] 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...

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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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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