Bahrain-based GFH Financial Group on 28 June 2015 signed an agreement with Indian conglomerate Adani Group for developing a Mumbai Economic Development Zone (MEDZ).
Under the agreement, the GFH's unit Energy City Navi Mumbai (ECNM) and Adani Group will work together in creating the master plan for the lands of Phases II and III of the project, which will offer world class business infrastructure for local and international services including IT companies.
The financial group's two units ECNM and Mumbai IT and Telecom City (MITTC) are two core components of the Mumbai Economic Development Zone (MEDZ). While, Adani Group will develop core infrastructure on these lands and will also commence the pre-sales and construction works on the site.
Investors will receive a 15 percent revenue share from sales made by Adani Group on the development on these lands and less local taxes, if any. This agreement is a part of GFH's exit strategy for the project where annual sales payments will be made by Adani Group.
GFH is one of the most recognised financial groups in the gulf region that includes asset management, wealth management, commercial banking and real estate development. It is listed in Bahrain Bourse, Kuwait Stock Exchange and Dubai Financial Market.
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Who: GFH Financial Group
When: 28 June 2015