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Millennium & Copthorne says Indian JV worth $100mln

Tue Apr 8, 2008 11:06pm EDT

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SINGAPORE, April 9 (Reuters) - Hotelier Millennium & Copthorne (MLC.L) said on Wednesday that its Indian joint venture with property firm Rakindo Developers will invest up to $100 million to develop two hotels in Chennai and Bangalore.

"The group's foray into India is to take advantage of the rapid growth of the Indian economy. There is a strong basis to believe in the long term attractivness of the Indian hospitality market," said Kwek Leng Beng, chairman of Millennium.

Rakindo Developers is a 50-50 joint venture between Chennai-based Trimex Group and United Arab Emirates-based Rakeen Pte Ltd. (Reporting by Daryl Loo, writing by Koh Gui Qing, editing by Neil Chatterjee)



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