Noor to fund Indian property ventures

Abu Dhabi's private Noor Capital said on Saturday it plans to partner with an Indian developer and help fund real estate projects worth $740 million in India.

Noor Capital has signed an initial agreement with Ansal Properties & Infrastructure Ltd and with India Realty Ltd to build residential projects in the north Indian cities of Agra and Ghaziabad, Noor said in a statement.

"The fundamentals of the India real estate market, with virtually unlimited end-user market, are excellent and are expected to remain strong for a long time," Noor's CEO Hani Shammah said in the statement.

Noor Capital will mobilise funds from Gulf Arab states through a Mauritius-based company to invest in the projects, he said. India Realty Limited will act as an adviser. The statement put the value of the projects at about 30 billion rupees ($740.4 million).

Noor Capital has an authorised capital of 1.2 billion dirhams ($326.8 million) and a paid-up capital of 342.9 million dirhams.

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