New Delhi: A lot of money seems to be flowing to the UAE.
The Hinduja Group on Monday said it would invest Rs 1,200 crore in property development business in the UAE while its flagship Ashok Leyland intends to set up a commercial vehicle manufacturing unit in Dubai.
It was reported that Ashok Leyland Managing Director R Seshasayee on Monday signed a Memorandum of Understanding with the Chairman of Dubai World, Sultan Ahmed Bin Sulayem to explore investment opportunities in Dubai.
News agency PTI quoted Hinduja Group (India) Chairman Ashok P Hinduja as saying the details of the new manufacturing project were being worked out.
He also said that on the real estate front, the development would span commercial properties and resorts and other real estate activities.
"The company has already bought land in the Waterfront Project of Al Nakheel, which is a member of Dubai World – an investment and holding company owned by the government of Dubai," Hinduja was quoted as saying.
He said the group would be developing two million sq ft of property.
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