Gujarat based apparel and textiles giant Arvind has formed a 50-50 joint venture with Tata Housing Development Company to develop an integrated township project in Ahmedabad.
The residential cum commercial project, located on the western outskirts of Ahmedabad, is spread over 134 acres and will have a built up area of more than 9 million square feet, Arvind said in a notice to the stock exchanges.
Speaking on the partnership, Brotin Banerjee, MD & CEO of Tata Housing Development Company Limited, said, “We are proud to partner with one of the most respected business groups of India. As part of a long-term strategy, we are looking at establishing our presence in the emergent Tier I and Tier II cities. This partnership with Arvind Limited will help us tap onto Gujarat, an important market, for township projects, while being committed to our endeavor of Sustainable Development.
Sanjay Lalbhai, CMD of Arvind Limited, said, “Arvind is excited to have joined hands with Tata Housing for their first ever real estate venture in the state of Gujarat. This partnership will create and deliver significant value to the consumers in real estate and shall benefit the state of Gujarat in general and real estate sector in particular.”
Kamal Singal, CEO-Arvind Real Estate, added, “The project is a significant step in towards our mission to create and deliver real estate value to the consumers. Tata’s bring in immense credibility and Arvind with its 80 years legacy brings in immense amount of trust well needed for the real estate industry. We look forward to setting new benchmarks in real estate product-quality and service-standards in Ahmedabad.”