Friday, June 14, 2013

India's Richest Man Buys Sh2.9Bln Land in Nairobi

India's richest person Mukesh Ambani has acquired 10 prime land slots in Nairobi worth Sh2.9 billion ($33.9 million), in a move geared at increasing his real estate investment in the capital.

Ambani who was recently ranked 22nd in Forbes' Billionaires list is seeking to use the land for commercial and residential property development through his companies Reliance Industries and Delta Corp East Africa.

The Indian billionaire has in the past sold and rented these plots to multinationals, private firms and government agencies. For instance the sale of the Delta office towers located in Westlands to the University of Nairobi and financial consulting firm PriceWaterCoopers (PwC).

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