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Vornado to develop Reliance retail shopping centers
Aug '08
VORNADO REALTY TRUST announced that it has entered into a 50/50 joint venture with Reliance Industries Limited (Reliance) under which each partner will commit up to $250 million to the venture to acquire, develop and operate retail shopping centers across key cities in India.

The shopping centers will contain 500,000 to 1,000,000 or more square feet and typically be anchored by a hypermarket to be owned and operated by Reliance. Reliance currently operates over 700 retail stores in multiple formats in India.

Vornado has an aggregate investment in other India joint ventures of approximately $91 million and capital commitments to these ventures of an additional $92 million.

Reliance is India's largest public company with revenues in excess of $34 billion and a market capitalization of over $75 billion. Vornado Realty Trust is a fully-integrated equity real estate investment trust.


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