By Daxim Lucas
Philippine Daily Inquirer

THE CONGLOMERATE Ayala Corp. and its real estate arm said they hade entered into a joint venture with India’s Mahindra Group to develop an exclusive residential community in one of the subcontinent’s major cities.

In a statement to the stock exchange, Ayala Corp. and Ayala Land Inc. said the deal involved development of a high-end housing enclave in the 1,500-acre Mahindra World City (MWC) in Chennai, India.

The joint venture, Mahindra Residential Developers Ltd., will be 51-percent owned by the Mahindra Group and 49 percent by ARCH Capital Asian Partners L.P., a private real estate fund managed by Ayala affiliate ARCH Capital Management Co. Ltd.

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