News: JP Morgan unit invests $60 mln in Mumbai project

(RTR 06/12/2006) - JP Morgan Chase 's Principal Real Estate Investments has invested $60 million in a residential project in Mumbai with Lodha Builders, a joint statement by the companies said on Wednesday.

"JP Morgan is very excited about this partnership with Lodha Builders. We have invested significant time and effort in understanding the market and the key players in the market," Vice-President Tyler Goodwin said in the statement.

"We are very happy to partner with JP Morgan for one of our premium projects, as this gives us the ability to access resources to fuel our growth plans, which will make us amongst the top five real estate developers in the country by 2008," said Abhinandan Lodha, director, finance, Lodha Builders, in the statement.