Date:14/08/2008 URL: http://www.thehindu.com/2008/08/14/stories/2008081460182200.htm

Business

RIL, Vornado to invest $500 m in malls

NEW DELHI: Mukesh Ambani-led Reliance Industries on Wednesday announced a 50-50 partnership with U.S.-based real estate investment trust Vornado to collectively invest $500 million in a shopping mall joint venture.

Under the joint venture, both would commit up to $250 million each to acquire, develop and operate retail shopping centres across key cities in India.