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.
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