X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MUMBAI-Bahrain-based Gulf Finance House has agreed to finance a $2-billion real estate development in India that will create the country’s first business district for the energy industry. The development in India’s financial capital, Mumbai, will provide business infrastructure for oil and gas producers, refiners and companies in the energy shipping and trading businesses, according to a statement from the Bahrain-based Islamic bank.

“The Energy City in India, one of the world’s largest energy markets, is part of a plan to create a Pan-Asian network of energy-focused business centers,” a bank spokesman says, “the first of which is the $2.6-billion Energy City in Qatar.”

India is trying to eliminate power shortages by securing new sources of energy for its booming economy. The state government of Maharashtra, where the 300-acre development will take place, said it would fast-track clearances and other administrative support for setting up the facility.

Energy City India is the second of the four such cities envisaged by GFH for that Pan-Asian network. The first Energy City, to be developed at an estimated cost of $2.6 billion, was announced in Qatar in March while the remaining two will be announced early next year.

“We are working with our Indian consultants and our architects to finalize specific project components, after which we will commence the master-planning exercise. We are assessing potential sites and expect to conclude site acquisition very soon,” GFH chief executive Esam Janahi says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.