Indiabulls Real Estate form JV with Euro Co.

Indiabulls Real Estate form JV with Euro Co..... PTI[ FRIDAY, JUNE 15, 2007 11:00:37 AM]

MUMBAI: In order to tap the booming construction sector, Europe's leading infrastructure group, Strabag SE, has joined hands with Indiabulls Real Estate Ltd for working on large development projects in the country. The real estate arm of the Indiabulls group has entered into a Memorandum of Understanding with Zublin International GmbH, a subsidiary of Strabag SE for consolidating their resources, experience and jointly work on large infrastructure development projects, Indiabulls Real Estate said in a communique to the Bombay Stock Exchange. Strabag group is one of Europe's leading construction group with nearly 53,000 employees and a turnover of more than 10 billion Euros in 2006. Strabags' four main brands are -- Strabag, Dywidag, Heilit+Woerner and Zublin. Earlier in January this year, Strabag SEs Munich-based subsidiary Dywidag International GmbH, leading an international consortium, had bagged a contract from Delhi Metro Rail Corporation for constructing a new 3.2 km tunnel and two new underground stations. Shares of Indiabulls Real Estate jumped 6.04 per cent and were trading at Rs 379.90 on BSE in early morning trade.