India's largest private shipping firm, Great Eastern Shipping (Gesco), plans to form a separate company to build convention centres, shopping malls and serviced apartments.
Gesco said it would seek a foreign partner to hold anywhere from 30 per cent to 60 per cent of the venture.
It said it was in discussions with several multinational firms but refused to identify them.
'Great Eastern Shipping will transfer assets worth 700 million Indian rupees (about HK$151.55 million) from its property division to the new company,' a spokesman said.
Gesco's property division already builds residential and commercial centres. At its annual general meeting of shareholders on August 18, Gesco will seek permission to transfer assets to the new company.
The company also will need various Indian Government approvals.