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Gamma Group to invest Rs 3000 crore in Kerala in five years

Economic Times:  October, 2016

Kochi: In a significant initiative, the UAE-based Gamma Group of Companies would invest Rs 3000 crore in the infrastructure, health and education sectors of Kerala.

The slew of projects that the Group has identified in and around Kochi include townships, malls, schools, hotels, residential apartments and villas. The investment, to be made through the Indian arm of the company called Kool Home Builders (KHB), will be pumped in to the state over a period of 5 years.

The largest project of the company would be a 30-acre township with a million square feet of built up area. Affordable housing units, shopping mall, a health mall and a hotel are the main components of the project. “The entire project would cost Rs 1000 crore”, said Abdul Lahir Hassan, Founder Chairman of the Gamma Group.

Hassan, a Non Resident Keralite based at Dubai, has interests in real estate, IT, infrastructure and education. His company has a turnover of Rs 1000 crore at present and his business is spread across UAE. He has been in UAE for three decades and specialises in Government contracts. “Ours is a zero-debt Group as per policy and principle”, he said.

KHB’s ongoing project in Kerala is the Platynum Mall and Luxury Hotel project in Kochi. The project will be managed by the New Delhi based Starlit Suites and Luxury Resorts. KHB has also entered into a JV with Identity for a luxury apartment project. “The project will have 28 units and would require a total investment of Rs 55 crore”, said K M Vincent, president, Kool Home Builders.

Gamma Group, which runs a series of global schools across UAE plans to set up a similar institution in Kerala. The company has not finalised the name of the institution. Two villa projects in the suburbs of Kochi and a IT SEZ near the international airport in the city are also in the pipeline.

The promoters said that the projects that they plan would provide jobs to at least 2000 people, directly and indirectly.