July 13, 2007 / 3:38 AM / 13 years ago

Israel's Housing to invest in India, float unit

JERUSALEM, June 5 (Reuters) - Housing and Construction Co. HUCN.TA, Israel’s biggest construction firm, said on Tuesday its board had decided to invest in real estate and infrastructure projects in India.

Housing said in a statement it would establish a joint venture with a company owned by Israeli billionaire Yitzhak Tshuva to pursue such projects with an initial investment of $100 million.

H&C’s chief executive, Uri Shani, said in the statement that the company had about 5.4 billion shekels ($1.3 billion) in foreign projects in its pipeline.

“We believe the cooperation with the Tshuva group is expected to produce projects of significant scope,” Shani said.

In a separate statement to the Tel Aviv Stock Exchange, Housing said its board had decided to hold an initial public offering of shares for wholly owned subsidiary Shikun Ovdim Ltd.

Housing said no decision had been made concerning the timing or scope of the offering.

Housing also said its board had agreed to appoint Ravit Barniv as chairwoman. Barniv will start in July, replacing Uzi Vardy-Zer. ($1=4.06 shekels)

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