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UPDATE 1-Mexico's Homex agrees to alliance with Indian builder
March 29, 2010 / 5:53 PM / 7 years ago

UPDATE 1-Mexico's Homex agrees to alliance with Indian builder

(Adds details on India’s low-cost housing, Homex share price)

MEXICO CITY, March 29 (Reuters) - Mexico’s Homex HXM.N (HOMEX.MX) said on Monday it intends to partner with Indian construction company Puravankara PPRO.BO on new public housing projects in India.

Homex has agreed to terms with Puravankara for a “future, nonexclusive strategic alliance to begin operations in the public housing segment,” the Mexican company said in a stock exchange filing.

The first project being looked at will be in Chennai, a city in southern India, Homex said.

The real estate firm Puravankara expects to boost revenues from low-cost housing projects, which developers in India see as helping to counter falling demand in the premium segment.

Homex specializes in mass-producing homes that sell for less than $40,000 each in Mexico and has eyed expansion in other international markets, such as Brazil.

The Mexican company’s fourth-quarter revenue fell 7 percent year to year, underperforming analysts’ expectations.

Homex shares were up 2.03 percent to 58.24 pesos on the Mexican stock exchange and up 0.53 percent to $27.95 per share in New York in late-morning trade (Reporting by Patrick Rucker; editing by Gunna Dickson)

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