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Real estate giant IREO to invest $500 mn in India

Thursday, July 09, 2009 (16:12:02) Tags: Business, Foreign Investment, real Estate New Delhi: Global real estate giant IREO will pump in $500 million in various infrastructure projects in India over a period of seven years, the company said today. IREO, which has invested $1.5 billion in India, is already one of the largest investors in the country's real estate sector. "Having already invested $1.5 billion, we still have another $500 million available in cash for further investments in our projects," Lalit Goyal, vice-chairman and managing director IREO, told reporters here. The company currently has 13 projects and is in the process of constructing an IT SEZ (special economic zone) in Pune. "We have already commenced construction of a five million square feet IT SEZ (Pune) and a three-million-square-feet housing project," Goyal said. Added Anurag Bhargava, chairman IREO: "The Pune SEZ should be completed by next year." The company has projects in many states including Haryana, Punjab, Tamil Nadu, Maharashtra and Delhi. The company said it would develop an eight-million-square-feet housing project in the next 12 months. (IANS)