Money India

Talc making firm Ritesh Industries Ltd is setting up a joint venture with Ansal Properties and Infrastructure (API) for a Rs 8-billion real estate project in the industrial city of Ludhiana. Ritesh Industries has entered into a joint venture agreement with API, the flagship company of the Ansal Group, for setting up a 40 acre real estate project on the Ludhiana-Chandigarh state highway. It would take about two-three years to complete the project and it is mentioned in a company statement to the Bombay Stock Exchange that the Punjab Government has approved the real estate project as a Mega Project and all requisite approvals have been obtained. The initial work on the site has started and the formal launch of the project would take place within a month. The project, would consist of residential and business parks, a school, community centre, place of worship, shopping arcade, ample parking lots etc. Ritesh Industries had earlier said that it has got the approval of the Board of Directors for a joint collaboration agreement with Ansal Townships & Projects Ltd (API) to set up an Industrial Park in Ludhiana having 40 per cent residential and 60 per cent IT Park. Sushil Ansal-owned Ansal Properties India Limited (APIL) has been rechristened as Ansal API after the merger of Ansal Township and Projects Limited with it.