MUMBAI: Realty major Omaxe on Tuesday announced its foray into the Middle East property market by setting up a subsidiary, which would develop two projects worth Rs 2,850 crore in Dubai.
Omaxe has formed a wholly-owned subsidiary - Rohtas Holdings (Gulf) -- at Dubai, UAE, the company said in a filing to the Bombay Stock Exchange.
The company will develop a residential project in Dubai with a project value of Rs 1,350 crore through a special purpose vehicle (SPV) -- Golden Crescent RED and General Trading Ltd. Another project worth Rs 1,500 crore would be developed through SPV Marine Sands, it added.
Last month Omaxe announced developing 10 lakh affordable housing units over the next five years at an investment of Rs 80,000 crore. For the purpose, it has set up a new subsidiary named 'National Affordable Housing and Infrastructure Ltd'.
Omaxe has a land bank of about 3,600 acres with major presence in north India. It launched its initial public offer last year to raise over Rs 600 crore.
Shares of Omaxe closed at Rs 167.85, down 3.5 per cent, on the BSE.
