This partnership also marks a joint intent to expand into other major Indian cities.
RMZ Corp, a privately-owned real estate developer in India, has announced a 50-50 partnership of up to $1 billion with Tokyo-based Mitsui Fudosan (Asia) Pte Ltd.
It will be Mitsui Fudosan's maiden investment in India.
The first development undertaken with this joint venture, is a 3.5 million sq. ft development named RMZ Ecoworld 30, located on the Outer Ring Road. "The first phase of RMZ Ecoworld 30 has already commenced and will be operational in 2022," the statement said.
This partnership also marks a joint intent to expand into other major Indian cities such as Mumbai and Delhi-NCR alongside Bengaluru.
"This venture is in line with our ‘Hyper Growth- Vision 2025’, where RMZ Corp is rapidly scaling towards achieving its aggressive expansion plan, to develop 85 million square feet of assets under management," said Arshdeep Sethi, Managing Director - Executive Board, RMZ Corp.
Manoj Menda, Corporate Chairman, RMZ Corp, said: "RMZ Corp continues to expand its distribution channels and national footprint. With ‘future-ready’ capabilities we are creating dynamic ecosystems that cater to a tech-fuelled urban lifestyle. Looking ahead, RMZ Corp is pegged to scale across market environs and will continue to accelerate with an unyielding effort in making this a remarkable journey along with our partner Mitsui Fudosan.""We hope to add value to this venture with our Japanese expertise and look forward to growing this association with RMZ Corp. We are pleased to be able to partner with RMZ Corp, a visionary developer with extensive experience, for this integrated development, especially in a city like Bangalore which we consider to be the digital capital of the world," said Akihiko Funaoka, executive managing officer, Mitsui Fudosan Co, Ltd.
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