While Mivtach Shamir Holdings Ltd. (TASE:MISH) investors wait for updates on the company's sale of its 20% stake in Tnuva Food Industries Ltd., its India operations unit, Jarvinia Holdings Ltd., continues to develop its real estate transactions.
Mivtach Shamir said today that Jarvinia, in which it holds a 35% stake, signed, through a daughter company, a deal with Indian real estate company Vascon to develop a residential and commercial complex in a suburb of Chennai.
Jarvinia, which will receive a portion of the project's revenue, in accordance with the extent of sales, estimates its share of the revenue will reach $170 million. Vascon trades on the Mumbai Stock Exchange. It has already deposited an initial sum to guarantee Jarvinia's rights in the projects.
The project is to build 6,000 residential units, in addition to 930,000 square meters of commercial space. The project will be built in four stages over 6 years.
The project is in the Oragadan suburb.
Published by Globes [online], Israel business news - www.globes-online.com - on October 3, 2010
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