Limitless still looking to India for investments
Dubai-based Limitless is still exploring opportunities in India despite the developer's joint venture with Indian developer DLF exiting the $12 billion (Dh44.04bn) Bidadi project earlier this year, a company spokesperson said.
"We are still exploring opportunities in India that fit our global strategy," Rebecca Rees, Corporate Media Relations Manager, Limitless, told Emirates Business.
"With regard to Bidadi, we and DLF agreed to end discussions with Bangalore Metropolitan Regional Development Authority (BMRDA) about the progress on their proposed Bidadi project in July. Under the agreement, the government was responsible for the land acquisition. Unfortunately, after more than 18 months, the land acquisition did not advance. As a result, we notified the government that we are no longer pursuing the project," she said.
Limitless and DLF won the bid to build Bidadi in October 2007.
The project was to cover an area of 4,000 hectares divided into residential, commercial and retail elements. The project was expected to house a population of 750,000 when completed. Bidadi was one of the five townships proposed by BMRDA to be developed in a public-private partnership.
A DLF spokesperson confirmed that the company was looking forward to work together with Limitless and that their joint venture had not ended.
"Our relationship with Limitless is very strong and we are looking forward to work together," the spokesperson said.
He refused to comment on whether the companies were following on any mega projects similar to the Bidadi development.
Last month, Dubai World, the parent company of Limitless, announced a restructuring plan for the master developer.
Rees said: "We are continuing to carefully review our projects in light of the global economic situation. We have already adjusted the pace of development and will continue to do so to reflect market conditions."
In Dubai, the master developer is developing two projects – Downtown Jebel Ali and Arabian Canal.
No plan to sell Bakrie stake
Limitless has no plans to sell its stake in Bakrie Swasakti, the developer said.
"We have not sold our stake in Bakrie Swasakti," Rees confirmed.
The developer had paid $110 million for the stakes in PT Bakrie Swasakti Utama, PT Bumi Daya Makmur and PT Superwish Perkasa, Bakrieland.
In August, Nakheel, another subsidiary of Dubai World, sold its stake in Australian developer Mirvac Group.
Asked about the status of its Russia project, Rees said the master plan has been finalised.
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