On 8 January 2007, Ritesh Industries
entered into a joint venture agreement with Ansal Properties &
Infrastructure for setting up real estate project on
the Ludhiana-Chandigarh State Highway. The project will entail an
investment of Rs.800 crore.
The project to be spread over 40 acres
of land will consist of
residential and business parks, a school, community centre, place of worship,
shopping arcade, ample parking lots etc. The
Punjab government has approved the project as a mega project and all requisite
approvals have been obtained.
Initial work on the site has started
and the formal launch of the project will take place by February 2007. Work on
the project is scheduled for completion by 2010.