AIM-listed Hirco has made its debut in India with the £77.8m purchase of a 19.6m sq ft (1.8m sq m) mixed use development in Chennai
The 251 acre (101 ha) site, known as The Township Project, will consist of 90% residential development with the remainder developed for retail, schools, medical facilities and leisure amenities.
The project is an investment agreement between Hirco and Burke Consolidated, an entity controlled by the Hiranadani family. The pair will invest in the project through a special purpose vehicle owned by BCL.
Hirco announced its strategy to invest in certain FDI compliant Indian real estate development projects at the time of its flotation last December.