NEW YORK Vornado Realty Trust and Reliance Industries Ltd, India's largest public company, are teaming up to build and operate shopping centers in India, the U.S. real estate investment trust said on Wednesday.
Each company will contribute up to $250 million to the 50-50 joint venture, which will build large shopping centers, some surpassing 1 million square feet, and be anchored by hypermarkets that Reliance will own and operate.
Reliance currently operates more than 700 retail stores in India.
Vornado said it has a total investment of $92 million in other joint ventures in India, and capital commitments to those ventures of an additional $92 million.
India to receive normal rains, not surplus, as La Nina chances fade
MUMBAI/NEW DELHI India will receive normal rainfall over the 2016 monsoon season, not surplus as previously expected, with the chances of a La Nina weather pattern emerging over the period seen as unlikely, three senior officials at state-run weather department said.
Piramal to partner Bain Capital for distressed-debt investment
MUMBAI Piramal Enterprises Ltd said it would partner Bain Capital to invest in distressed assets, becoming the latest entrant in the space as the nation's banks are on a drive to clean up $120 billion of sour debt.
Wall Street opens little changed as investors eye Fed
U.S. stocks were little changed at the open on Wednesday as investors kept up their wait for Federal Reserve Chair Janet Yellen's speech on Friday for clues on the timing of an interest rate hike.