Anil Nanda Group Company Akme Projects Ltd today announced joint venture with private equity firm MPC Synergy Real Estate to develop seven premium housing projects with an equity investment of about Rs 1,000 crore.

The 50:50 joint venture, named Akme Rhine River Projects will develop seven projects at Ludhiana, Mohali, Greater Noida and two each in Bangalore and Gurgaon by 2012. The JV is expecting a total sales turnover of Rs 7,000 crore by then.

MPC Synergy Real Estate is a JV between Geneva-based private equity investment fund Synergy Asset Management Fund and MPC Capital, the largest listed fund in Germany with over $ 18.5 billion assets under management.

"The total equity investment by joint venture in all the three phases will be close to Rs 1,000 crore in 50:50 partnership," Akme Projects Chairman and Manging Director Anil Nanda told reporters here.

"We are looking at a sales turnover of Rs 7,000 crore by 2012 from all the phases," he added.

The JV would develop more than 7,600 apartments and 400 villas in 7 projects, which will be launched in the current fiscal, company's Chief Operating Officer Sonal Nanda said.

The Ludhiana project was launched today, which will be followed by Mohali and Bangalore in first phase. The JV would develop 1,700 high-end flats, costing about Rs one crore, in first phase with an expected turnover of Rs 1,900 crore.

When asked about the total investment which would be made to develop these seven projects, company's CMD Anil Nanda said the projects for second and third phases were at still drawing board so it would be difficult to arrive at total cost.

However, he said both the partners were open to put in more equity if required to build these projects.

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