GFH Financial Group signed pact with Adani Group for developing Mumbai Economic Zone [ Current Affairs ]
Bahrain-based GFH Financial Group signed an agreement with Indian conglomerate Adani Group for developing a MEDZ (Mumbai Economic Development Zone). According to the agreement, the GFH’s unit Energy City Navi Mumbai (ECNM) and Adani Group will work together in creating the master plan for the lands of Phases II and III of the project.
- Both companies will offer world class business infrastructure for local and international services including IT companies.
- ECNM and Mumbai IT and Telecom City (MITTC) are 2 cr. components of the Mumbai Economic Development Zone (MEDZ) while Adani Group will develop core infrastructure on these lands.
- Adani Group will also commence the pre-sales and construction works on the site. Investors will receive a 15 % revenue share from sales made by Adani Group on the development on these lands and less local taxes, if any.
- GFH is listed Bahrain Bourse, Kuwait Stock Exchange and Dubai Financial Market and it is one of the most recognised financial groups in the gulf region that includes asset management, wealth management, commercial banking and real estate development.
- This agreement is a part of GFH’s exit strategy for the project where annual sales payments will be made by Adani Group.
- Published on: June 30, 2015