Urban Cluster

There is a huge Urban Cluster in the making from Mumbai extending to Pune.Here is an article on the USD 10 billion investment by Gulf Finance House.

Gulf Finance signs deal for $10bn India economic zone

Published Date: December 15, 2007 MUMBAI: In a significant move signaling its continued commitment to the rapidly growing Indian economy, Gulf Finance House (London Stock Exchange, Kuwait Stock Exchange, Bahrain Stock Exchange, Dubai Financial Market - GFH, S&P: BBB-, Capital Intelligence: BBB+), yesterday signed a wide ranging agreement with the Government of Maharashtra to facilitate the creation of one of the largest development projects in the state - a state-of-the-art Economic Development Zone - just outside Mumbai, the country's financial and commercial capital.The 1600-acre zone, which will attract a total investment in excess of $10 billion, comes exactly a year after GFH had signed a similar agreement with the state for the development of India's first energy business district - Energy City India. The bank had floated an immensely successful private placement initiative earlier this year that raised $630 million towards the first phase of its development. The economic development zone announced yesterday will include Energy City India, apart from incorporatingthree additional components - Telecom City Mumbai , Software City Mumbai and Entertainment City Mumbai.The agreement between the Government of Maharashtra and GFH was signed at a high-profile ceremony in Mumbai yesterday by V.K Jairath, Principal Secretary - Industries, Government of Maharashtra, and Peter Panayiotou, Acting Chief Executive Officer, Gulf Finance House, in the presence of Shri Vilasrao Deshmukh, Chief Minister of Maharashtra, Shri Ashok Chavan, Minister for Industries, Govt. of Maharashtra, Esam Yousif Janahi, Chairman, Gulf Finance House, and other senior dignitaries.Addressing the media at a press conference organized to mark this historic occasion, Shri Vilasrao Deshmukh, said: "We welcome the initiative by Gulf Finance House to enlarge the scope of project by developing it as an 'Integrated Economic Development Zone'. The project will help in the establishment of a knowledge and creative zone near Mumbai and will result in a creation of large scale high end jobs.Established on 16 October 1999 in the Kingdom of Bahrain, Gulf Finance House (GFH), is one of the most respected investment banks in the Middle East region in terms of the quality and innovation of product offering. During its eight years of operations, GFH has successfully launched or participated in several infrastructure development projects with an aggregate estimated development value exceeding $12 billion and placed with its clients an aggregate value of equity investment of approximately $3 billion.This includes projects and investments in markets as far apart and diverse as Bahrain, Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Jordan, India, Germany, Spain, Egypt, Morocco, China, USA, UK and France.Thanking the Chief Minister of Maharashtra and his team for their continued support to GFH and its initiatives in the State, Esam Janahi, Chairman, GFH said: "GFH is a strong believer in the India success story and we are confident that the country is well on its way to becoming one of the most influential and powerful economies in Asia. Apart from the near 10 per cent predicted sustained growth, we view India as a highly robust economy with extremely sound fundamentals, and a highly evolved regulatory environment.The opportunities that India offers within the infrastructure and its allied sectors, such as energy, software and telecommunications are tremendous. The vision behind our Economic Development Zone project is to significantly contribute to the country's growing economy and capitalise on Mumbai's international reputation by developing a critical mass of world class business and related social infrastructure, in the heart of the state's business corridor. Furthermore, these organised business clusters willgenerate significant employment opportunities to the local population for several years to come," he added.Elaborating on the choice of Maharashtra for the location of the project, Janahi said: "Its pro-investor and pro-industry policies coupled with its strategic position within key business and industry sectors in the country, has made the state of Maharashtra the largest recipient of Foreign Direct Investment (FDI) into the country. With the continued support of the chief minister and his team, we are confident that our ambitious economic development zone project will be one of the most successful such initiatives in Asia," concluded Janahi.Spread over an area of 1600 acres, the Economic Development Zone will be located alongside the Mumbai-Pune expressway, and upon completion will be the largest and busiest such facility in Asia. The GFH - Mumbai Economic Development Zone will be among the most vibrant, technologically advanced, fully-integrated development projects in the country.Speaking on the occasion Ashok Chavan, Minister for Industries, Govt. of Maharashtra said, "The decision of Gulf Finance House to expand the scope of project by committing further investment in Maharashtra is an important milestone. The investment of this magnitude will definitely act as one of the catalyst for economic development of Maharashtra.Peter Panayiotou, Chief Executive Officer, GFH said: "The specific business sectors that the economic development zone will focus on - energy, software and telecom - have emerged as key drivers within the Indian economy. India is already one of the largest energy markets in the world with a rapidly rising consumption rate. Significant advances have been made in the areas of renewable and alternative energy sources, the development of energy-related technology platforms and Research & Development, all of which will find a natural home in Energy City India.Apart from being an acknowledged leader within the global software services sector, India also has one of the fastest growing telecom markets in the world with over 8 million telephone connections being added every month. The phenomenal pace of growth in these twin sectors will have to be complemented by a simultaneous enhancement of related hard and soft infrastructure, coupled with research and development and service initiatives. As dedicated, sector-specific business districts, that offer a holisticlive, work and play" environment, Telecom City Mumbai and Software City Mumbai will offer an optimum setting for companies to thrive and grow in," he added.In keeping with the zone's holistic ethos, the fourth component of the economic development zone, Entertainment City Mumbai, will focus its varied offerings to both the residents of the zone, as well as the general area in and around Mumbai.The Entertainment City is designed to be a mix of hospitality, leisure and recreational facilities, with complementary commercial and residential components. The destination will offer spectacular theme parks, themed hotels, speciality shopping, fine dining restaurants, cinemas, a theatre and alternative entertainment components. Accommodation has been carefully considered to include villas and apartments; serviced retreats; dynamic office space and several 4 and 5 star hotel properties.