Tata Housing inks JV with Keventer for Bengal housing deal
30 Jul 2014
Six years after aborting the Nano manufactory project in West Bengal, the Tata Group has returned to the state.
Tata Housing Development Co, the housing and infrastructure arm of Tata Sons, announced on Tuesday that it has entered into a joint venture with the Kolkata-based Keventer Group for a luxury housing project in Alipore.
The initial investment is projected at Rs600 crore.
Tata Housing will hold 51 per cent of the joint venture, with Keventer taking 49 per cent. To start with, the JV would develop a three-acre land parcel near Alipore.
Earlier, Tata Housing had formed a consortium with Keventer to bid for CTC land in Tollygunge. However, the state government is yet to declare the selected bidder.
Keventer Group managing director Mayank Jalan said the JV will go beyond the Alipore project.
"We are extremely delighted to partner with Tata Housing for this land parcel. This is just the beginning of our long-term relationship with Tata Housing and we will be doing many more projects. We hope to create new landmarks for Kolkata and give our consumers an opportunity to experience at par with international standards," he said.
V Dayal, investment banker for the JV, said the coming together of Tatas and Keventer will be good for Bengal's infrastructure sector.