Rakindo, a joint venture company owned by the government of Ras Al Khaimah, part of the United Arab Emirates and the India-based Trimex Group will invest more than US$5bn (3.38m euro, £2.4m) in mixed-use developments in India over the next five years.

According to Earthtimes.org, Rakindo will develop projects covering more than 50 million sq ft (4.6 million sq m) and primarily target cities in southern India.

One of the proposed projects is a luxury marina, situated around 70km from Chennai on an estuary on the east coast of India.

The marina development will include an investment of around US$2.5bn (1.69bn euro, £1.21bn) in a leisure-based area and feature as well as a health spa, an international standard golf course, a convention centre and a luxury hotel. Work is scheduled to begin in early 2009.

The joint venture will also consider integrated townships, with work on the first project, near Coimbatore, expected to begin in February 2008, pending final clearance from the government for that economic zone.

Earthtimes.org also reports that Rakindo may also plan an Initial Public Offering over the next three to four years in order to raise more funds for its future developments.