Israeli firm Mivtach Real Estate, a subsidiary of investment company Mivtach Shamir, will invest about $13 million out of the total $30 million in Chennai real estate to construct offices, hotels and commercial centers.

Mivtach Shamir Holdings Ltd. is an Israel-based investment company. Mivtach Shamir invests in industry, technology, communications and real estate companies, including Tnuva, Tefron, Solbar and Gilat. Several weeks ago, the company completed a private offering of a series of non-negotiable bonds at NIS 263.8 million (about $64.43 million) to institutional investors.

The firm has purchased 275 acres of plot in the city and plans to build 24 million sq ft of office space, hotels and commercial centers on the site with Indian partners and will own 32 per cent shares in the project.
Mr. Meir Shamir, Chairman and CEO of Mivtach Shamir, said the company 'continued to tighten its hold of investments in Indian infrastructure and real estate'.

Mivtach Shamir did not disclose how much the project would cost to build or what the expected sales proceeds are.

This is not Mivtach Shamir's first investment in India. Two months ago the company announced that it would invest $15 million in the Tower Vision Company, which builds and operates cellular antennas in India.

It also announced that it would invest up to $25 million in the INMB Company, which plans and builds hotels in the business sector across India.