Elbit Imaging purchases more Indian land

Elbit Imaging, Indian partner intend to develop complex with commercial, entertainment center, office space, hotel

Elbit Medical Imaging announced Tuesday that its subsidiary Plaza Centers, together with an Indian entrepreneur, has purchased 43,600 square meters (469,300 square feet) of land in Trivandrum, the capital city of the southern Indian state of Kerala, for $26.5 million.

 

Plaza Centers and its Indian partner intend to build a project with a built-up area of approximately 195,000 (over 2 million square feet). The complex will include an entertainment and commercial center (97,000 square meters/1,044,000 square feet), an office complex (90,500 square meters/974,100 square feet) and an apartment hotel (37,500 square meters/403,600 square feet).

 

This is Elbit's second Indian investment in June. The company released a statement at the beginning of the month that it was planning to develop a residential and hospitality project in Bangalore (the state of Karnataka's capital city) together with a local developer. Elbit's investment for the land purchase is estimated to reach $180 million.

 

Moti Zisser, Elbit's chairman said: "After spending two years studing the Indian market in depth, during which we created a base for our organization in India and formed a skilled team, we are moving forward at the pace we have displayed throughout all our years of activity in east and west Europe. We believe that the magnitude of the Indian market and its needs will bring about success to our endeavors in this market."

 

Elbit Medical Imaging is a subsidiary (47 percent ) of Africa Israel that focuses on four major areas: Commercial centers (Plaza Centers, traded on the London stock exchange); hospitality (Elcint); non-invasive medical treatment using medical imaging (InSightec); and high-tech investments in biotechnology (Gamida) and communications (EasyRun and Olive).