New Delhi - Companies from India and the United Arab
Emirates (UAE) finalized deals worth more than 25 billion dollars on
Monday as the two countries inked five pacts to boost economic
cooperation during a trade mission by UAE Prime Minister Sheikh
Mohammed Bin Rashid al-Maktoum to India.
India's largest real estate firm DLF said it would invest about 24
billion dollars for developing two townships in India in
collaboration with Dubai-based Al-Nakheel over a period of six years.
'For the investment, DLF and Nakheel have floated a 50:50 joint
venture,' a DLF company official told the PTI news agency.
The joint venture envisages establishment of two townships of
20,000 acres each - one near the Indian capital New Delhi and the
other located at the western city Mumbai.
Work on the project would start this year and is expected to be
completed by 2013. The first phase would be completed at a cost of up
to 12 billion dollars in the next three years.
'Some of the land needed for the township would come from the
existing land bank of DLF, while the rest is being bought directly
from farmers,' the official told the news agency.
In another deal, the Hinduja Group, owned by the London-based
Hinduja brothers, said the company planned to start a chain of
hospitals in India with an investment of 1 billion dollars in a tie-
up with Dubai's government-owned Limitless LLC.
Under the project, hospitals would be established in the major
Indian cities of Delhi, Mumbai, Bangalore and Hyderabad.
Details of the deals were disclosed on the margins of a conference
in New Delhi between Indian business leaders and Sheikh Mohammed,
also the ruler of the emirate of Dubai.
The UAE leader, accompanied by a high-level delegation of senior
ministers and businessmen, arrived on a two day-long trade mission to
India on Sunday.
The Hindujas also signed a 12 billion rupee (277 million dollar)
deal with Nakheel to build resort and commercial projects in Dubai.
Meanwhile, India's leading consumer durables maker Videocon Group
said it was considering setting up a 10-billion-rupee manufacturing
unit in Dubai.
Earlier on Monday, the UAE premier was given a ceremonial
reception at the forecourt of the Presidential Palace in Delhi, where
he was warmly received by his Indian counterpart Manmohan Singh.
Later on Monday evening, Sheikh Mohammed held talks with Singh
after which both sides inked five pacts aimed at promoting bilateral
trade and investment.
According to Indian officials, the agreements included those for
developing industrial relations, avoidance of double taxation and
prevention of fiscal evasion as well as cooperation between the
bureau of standards of both countries.
The UAE premier was scheduled to depart for Dubai on Monday night
at the conclusion of his visit.
© 2007 dpa - Deutsche Presse-Agentur 
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