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NEW PROJECT MASTERPLAN

Energy City Navi Mumbai ... a major project for GFH.

GFH Financial signs key energy city accord

MANAMA, June 28, 2015

Bahrain-based GFH Financial Group has announced that its unit Energy City Navi Mumbai (ECNM) has entered into an agreement with Adani Group, a major Indian conglomerate that operates the largest private sector port and power business in India.

ECNM and a Mumbai IT and Telecom City are two core components of the Mumbai Economic Development Zone, reported the Gulf Daily News, our sister publication.

As part of the terms of the agreement, Energy City Navi Mumbai Holding and Adani Group will work together in creating the masterplan for the second and third phases of the project.

Following the requisite approval of the masterplan, Adani will develop the core infrastructure on these lands, after which it will commence the pre-sales and construction works on the site.

Investors will receive a 15 per cent revenue share from sales made by Adani Group on the development on these areas and less local taxes, if any.

GFH chief executive Hisham Alrayes said “the partnership with Adani further demonstrates our efforts to move forward with our development strategy for our landmark project in India”.

“Furthermore, we believe this agreement will enable us to accelerate our efforts to build and extract value for GFH, our shareholders and investors.”

This agreement is a part of GFH’s exit strategy for the project where annual sales payments will be made by Adani Group.

Around $45 million has been received as part of the exit payments from the developer, where GFH owns more than six per cent of the total equity in ECNM. – TradeArabia News Service




Tags: India | Energy City | Adani |

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