SUN Group and BARWA announce the formation of a land bank company for India: SUN-BARWA Land

SUN Group and BARWA have proposed to form a 50/50 joint venture company to be named as SUN-BARWA Land.

SUN-BARWA plans to obtain Foreign Investment Promotion Board's (FIPB) approval in order to aggregate, acquire, hold and develop (directly or indirectly in collaboration with partners/developers) land banks in high growth corridors in India.

SUN Group and BARWA together will raise capital from Qatari and Middle Eastern investors.

Mr. Ghanim Bin Saad Al Saad, Chairman & Managing Director of BARWA Real Estate, said: "It was part of our strategy to enter the Indian market that has, despite its correction, strong fundamentals and solid growth parameters. BARWA looks forward to its partnership with SUN Group due to its extensive experience in the Indian market; where both companies share a common vision and an expansion strategy that will strengthen this Joint Venture".

"BARWA is very pleased to add an important country like India as part of BARWA international's expansion plans. Conditions in Indian market are conducive to the investments as we expect that prices would undergo correction". Al Saad Added.

"The Indian real estate market thus promises to offer immense long term returns for investors and developers". Al Saad concluded.

Mr. Nand Khemka, Chairman of SUN Group said: "we believe that the relationship between Qatar and India is important for both countries and that the two groups are committed to deepening and strengthening this relationship in the years to come. SUN Group is proud to be partnering with BARWA which brings significant expertise in Infra-structure and real estate development and established network of investment capital from Qatar and the region to India with potential for major growth for years to come. We are confident that the SUN-BARWA Land will be a successful venture".