Tanmiyat to invest in Bangalore Realty

Saudi Arabia-based realty firm Tanmiyat group is planning an investment of around $3 billion in a township project in India, a top company official said.

The group has zeroed in on Bangalore for the project, its first-ever in the Indian market.

"We are in the final stages of fine-tuning our plans for this township project. We will be ready with the final blueprint within the next 2-3-months," Tanmiyat group's Managing Director Bharat Thakkar

This would be a mixed-use project and would be completed in phases over a five-year time span, he said.

The project would be distinctive and unique in many respects and "since this is our first venture in India, we will use the project to position ourselves rightly in the market to facilitate our growth thereafter," Thakkar said.

The group was still fine-tuning various aspects of the project, including the investment structure for it, he added.

"The equity component is still fluid and we have yet to decide whether we want to load a debt component onto the project," he said, adding that the average size of the group's projects has been in the range of $2.5-3 billion.

Being a mixed-use project, apart from residential accommodation, the project would also have commercial infrastructure.

"Bangalore is well-known for its IT, BPO and bio-tech establishments and these three would constitute focus areas for us," Thakkar said