Ayala eyes mall dev’t in India

The Ayala Group is exploring the possibility of developing a shopping mall in India, according to Jaime Augusto Zobel de Ayala II, Ayala Corp. president and chief executive officer.

In an exclusive interview with The STAR, Zobel admitted that the Ayala Group is "always exploring such possibilities."

Zobel said the Ayala Group already has existing shopping mall operations in Singapore and the United States and is always open to other investment opportunities.

The Ayala Group is being courted by Indian real estate developers to put up shopping malls in India.

Filipino-Indian Chamber of Commerce president Ram Sitaldas told The STAR that India has very little expertise in putting up and operating shopping malls and is thus interested in attracting well-known shopping mall developers such as the Ayala Group and the SM Group.

The Ayala Group and SM were, in fact, invited to join former President Ramos in a business mission to India which left last Jan. 15.

According to Sitaldas, the SM Group right now is more concentrated on its shopping mall developments in China.

The Ayala Group, however, Sitaldas said, is reportedly in talks with some Indian developers.