Reliance Industries inks 50:50 JV pact with US-based Vornado
Mukesh Ambani-led Reliance Industries, India's largest public company, has entered into a 50-50 partnership with US-based Vornado to collectively invest $500 million in a shopping mall joint venture. Vornado Realty Trust is a fully-integrated equity real estate investment trust. It is one of the largest owners and managers of real estate in the United States with a portfolio of over 100 million square feet in its major platforms, primarily located in New York and Washington, DC metro areas. Under the JV, RIL and Vornado Realty Trust would commit up to $250 million each 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, which currently operates over 700 retail stores in multiple formats in India. Vornado's other real estate investments include 32.8 per cent stake in Alexander's Inc, 32.7 per cent in Toys "R" Us and Hotel Pennsylvania in New York City.