Ritesh Industries enters into JV agreement with API for real estate project

Ritesh Industries Ltd has announced that the Company has entered into a joint venture agreement with renowned builders and developers Ansal Properties and Infrastructure Ltd (API) for setting up a 40-acre real estate Chandigarh project on its land located at prime location on Ludhiana-Chandigarh State Highway.

First-of-its kind in North India, the Rs 800-crore project, will consist of residential and Business Park, School, Community Centre, Place of worship, Shopping arcade, ample parking lots etc.

The Punjab Government has already approved the Project of the Company as a Mega Project and all requisite approvals including approval of drawings and other approvals for the said project have been obtained. The initial work on the site has started. The formal launch of the Project will take place with in a month.

It will take two to three years to complete the project and the Company shall reap a benefit of Rs 150 Crores from the project.

Source://equitybulls.com