| Israeli firm Mivtach Real Estate, a subsidiary of | | | | shares in the project. |
| investment company Mivtach Shamir, will invest | | | | Mr. Meir Shamir, Chairman and CEO of Mivtach |
| about $13 million out of the total $30 million in | | | | Shamir, said the company "continued to tighten its |
| Chennai real estate to construct offices, hotels | | | | hold of investments in Indian infrastructure and |
| and commercial centers. | | | | real estate". |
| Mivtach Shamir Holdings Ltd. is an Israel-based | | | | Mivtach Shamir did not disclose how much the |
| investment company. Mivtach Shamir invests in | | | | project would cost to build or what the expected |
| industry, technology, communications and real | | | | sales proceeds are. |
| estate companies, including Tnuva, Tefron, Solbar | | | | This is not Mivtach Shamir's first investment in |
| and Gilat. Several weeks ago, the company | | | | India. Two months ago the company announced |
| completed a private offering of a series of | | | | that it would invest $15 million in the Tower Vision |
| non-negotiable bonds at NIS 263.8 million (about | | | | Company, which builds and operates cellular |
| $64.43 million) to institutional investors. | | | | antennas in India. |
| The firm has purchased 275 acres of plot in the | | | | It also announced that it would invest up to $25 |
| city and plans to build 24 million sq ft of office | | | | million in the INMB Company, which plans and |
| space, hotels and commercial centers on the site | | | | builds hotels in the business sector across India. |
| with Indian partners and will own 32 per cent | | | | |