Dubai, June 15 (PTI) Gulf Finance House BSC (GFH), a Bahrain-based Islamic investment bank, has signed a partnership agreement with Wadhwa Group, an eminent real estate developer in India.
The agreement will see GFH and Wadhwa develop core infrastructure under the bank's Energy City Navi Mumbai (ECNM) and Mumbai IT & Telecom City (MITTIC) projects (together termed as the Mumbai Economic Development Zone) and also secure a successful exit for investors.
Following the infrastructure development, GFH and Wadhwa will together develop integrated homes, affordable housing, hotels and malls on the two sites, which hold a strategic location on the outskirts of Mumbai, a statement released here said.
This follows GFH's recent announcement of returning back to profitability in Q1 of 2011 with a net profit of USD 11.9 million.