Friday, December 24, 2010

Vascon Engineers - Israeli firm Joint Venture offers 105-acre township at Oragadam, Chennai

Pune-based Vascon Engi­neers, real estate developer, in association with Balakh Realtors, an Israeli firm, is investing Rs 2,000 crore to develop a 105-acre township at Oragadam, a town and industrial area located in the outskirts of Chennai.

“The company is developing around 10 million sq ft in four phases, over a period of six years with an investment of Rs 2,000 crore,” the company said in a filing to the BSE.

Vascon Engineers, who will invest into developing and constructing the mega project, has entered into a revenue sharing agreement with Balakh Realtors, who own the land, D Santhanam, chief financial officer, Vascon Engineers, said.

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