November 11th, 2008 
Tushar Mathur
BARWA Real Estate and Sun, a leading investor and private equity fund manager in India and other emerging markets, have entered into a joint venture agreement to explore the Indian real estate market.
Barwa chairman and managing director Ghanim bin Saad al-Saad said yesterday that Sun Group and Barwa have proposed to form a 50-50 joint venture company to be named as Sun-Barwa Land.
He said Sun-Barwa planned to obtain Foreign Investment Promotion Board’s (FIPB) approval in order to aggregate, acquire, hold and develop directly or indirectly in collaboration with partners/developers land banks in high growth corridors in India.
“Sun Group and Barwa together will raise capital from Qatari and Middle Eastern investors,” he said.
Al-Saad noted that it was part of Barwa’s strategy to enter the Indian market “that has, despite its correction, strong fundamentals and solid growth parameters, in addition to its extensive experience in the Indian market, where both companies share a common vision and an expansion strategy that will strengthen this joint venture”.
He pointed out that conditions in Indian market were conducive to the investments as Barwa expected that prices would undergo correction.
“The Indian real estate market thus promises to offer immense long-term returns for investors and developers,” he said.
Sun group chairman Nand Khemka said the two groups were committed to deepening and strengthening this relationship in the years to come.
Khemka said Barwa brought significant expertise in infrastructure and real estate development and established network of investment capital from Qatar and the region to India with potential for major growth for years to come.
India Real Estate Investment News, November 2008
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