Fosun Group in JV unveils multiple projects in India

In its first realty deal in India, Shanghai-based Fosun Group and realty developer Ahuja Constructions has sealed a deal worth ₹800 crore for creating new business verticals in office, retail, logistics and residential segments in the country. The deal also assumes significance since the offshore player plans to invest up to 2,500 crore in this new entity. It may be recalled that Chinese property majors including Wanda Group, Country Garden, China Fortune Land Development (CFLD), and Fosun Group have been actively looking for opportunities in India for quite some time. Fosun will invest ₹400 crore in the first tranche for ongoing operations and two new acquisitions in Mumbai's Malad and Chembur localities. Ahuja Constructions' expertise in slum rehabilitation and affordable housing projects apart from society redevelopments and land acquisition has led to its deal with Fosun, which has been looking for a partner with expertise in these areas. Apart from the Mumbai property market, Fosun is also looking at acquisition and alliance opportunities in Bengaluru and the NCR. Managing Director, Ahuja Constructions, Gautam Ahuja, confirmed the transaction and said that his company has 10 million sq ft space under construction across seven projects in Bhiwadi and Ambernath near Mumbai, and in Worli, Pali Hill, Sion, Oshiwara and Malad areas of the city.