Country’s major real estate company, Anant Raj Industries has announced that it has clinched a joint venture agreement with Bahrain based Development Fund, Acacia Real Estate Ltd.

Under the proposed agreement, Acacia Real Estate Ltd will take over minority stake in one of the company’s (Anant Raj Industries ) unit named Anant Raj Projects for a sum of Rs 2.16 billion.

In orde to diversify its business, Anant Raj Industries plans to invest USD 1 billion in IT special economic zones (SEZs) and the hospitality sector.

With this investment, the company also plans to develop two large townships with a foreign joint venture (JV) partner.
 
Stock of the company (Anant Raj Industries) closed at Rs 137, low 4.11per cent on National Stock Exchange.