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Ravi Puravankara, the Chairman and Managing Director of Puravankara Projects Limited, expressing confidence about the new partnership said, "We look forward to this exciting opportunity that the JV represents. There is a huge requirement in India for affordable entry-level housing to be built across the Country, and with the expertise and proven business model of Homex and Puravankara's track record and experience in Indian housing, we feel confident that through the combination of skills and market understanding -which is unparalleled in India-, we can become industry leaders in this segment".

Commenting on the signing of the Memorandum of Understanding, Gerardo de Nicolas, Homex's Chief Executive Officer, said, "We are enthusiastic about this relationship with Puravankara as it represents an important growth opportunity for Homex in India. Our plan has been to cautiously assess opportunities to replicate our proven business model in other populous countries where the housing market is underserved. At the same time, we are confident in the success of our relationship with Puravankara, as it has a track record of 35 years in the housing market in India and an inventory of suitable permitted land that will allow us to start our first pilot project with a reduced investment. We will be adding our expertise and business model to what we both feel is a strong business opportunity in India's affordable, entry-level market."

EPC News Bureau