The 50-50 JV, to be called Property Zone, would target India's booming retail market. Its primary function would be to help in the conceptualisation, development, and management of malls so as to optimise income streams from projects for developers and investors.
Its establishment follows the launch of United Properties, a joint venture with The Savola Group of Saudi Arabia, to address the Middle East market
Ian Watt, managing director of Old Mutual Properties, said: "The venture with ICS is a further major step in growing our multinational presence. We believe there is a key role in the immensely competitive Indian retail market, with over 200 malls coming up in the next five years, for a company with a global outlook and the requisite local knowledge. ICS provides the skills of the local partner and with our international expertise in mall management we are confident we can contribute effectively to realising the goals of Indian retail developers and investors."
Deepak Premnarayen, chairman of ICS, said: "The astounding number of malls mushrooming across the country led us to believe that an association with an international player of repute would greatly enhance our capability to provide cutting edge services to developers, who need to maximise returns on investment. Old Mutual Properties has an international reputation as a leader in the retail industry, having won awards from organisations like the International Council of Shopping Centers (ICSC) and the International Real Estate Federation (FIABCI). We believe that skills associated with the creation and operation of some of the world's finest shopping centres are essential for this joint venture.
"The company is setting up a highly skilled multi-disciplinary team to help it become the premier provider of property solutions on the Indian sub-continent. ICS already have tie-ups with international companies like Intertoll, Interpark and Bentel International. These will help the joint venture to draw from the large talent pool available in these companies' worldwide offices."
