Tata reaffirms commitment to stalled Maldives housing projects
29 Jun 2013, 4:55 PM
Neil Merrett
Indian-based corporate giant Tata has said it has no intention of offloading its stake in a Maldivian joint venture overseeing several housing projects in Male’, despite local media speculation that land set aside for the company had been sold off.
Tata this week confirmed to Minivan News that it remained invested in Apex Realty PVT Ltd, a Maldives joint venture established under the previous government between itself and developers SG18.
Tata Housing Development Spokesperson Vikram Kharvi added that the company was not considering selling its stake in the project, despite construction work having stalled on several commercial residential projects it was developing through the joint venture.
Kharvi confirmed that negotiations were ongoing with the government at present to resolve certain issues concerning the stalled developments on land provided to the company under its joint venture agreement.
Become a member
Get full access to our archive and personalise your experience.
Already a member?
Discussion
No comments yet. Be the first to share your thoughts!
No comments yet. Be the first to join the conversation!
Join the Conversation
Sign in to share your thoughts under an alias and take part in the discussion. Independent journalism thrives on open, respectful debate — your voice matters.
