MUMBAI: Donald Trump’s election as the next US president won’t alter the Trump Organization’s India business plans.
They will remain under the Trump brand,” a Trump Organization spokesperson told media. “We are incredibly proud of projects in Pune and Mumbai and look forward to sharing additional updates on our newest developments in the coming months.”
Trump Organization currently has one super-premium project under construction In Mumbai, Kolkata and Gurgaon each besides the commercial tower in Gurgaon. The country’s first Trump Tower in Pune was delivered last year. There was no response to an email sent to Kalpesh Mehta, managing partner of Tribeca Developers, Trump’s India representative and responsible for supporting the brand in the country.
According to US media reports citing the president elect’s attorney Alan Garten, the organization has cancelled a memorandum of understanding on talks related to projects in Brazil. Apart from this, the reports said the organization will also not continue with “exploratory” talks over projects in Pune, India and Buenos Aires, Argentina.
Pune’s Trump Tower is a 46-apartment block developed by Panchshil Realty while the 300-apartment Mumbai project is being built in Lower Parel by the Lodha Group. These are not equity joint ventures—the Trump brand is being used in return for a fee.
On Thursday night, the Trump Organization tweeted about the Mumbai project: “#ComingSoon: Trump Tower Mumbai luxury residences to feature spa baths, waterfalls, swimming pools, cricket ground & private jet service.”
The Trump Organization comprises Donald Trump’s business ventures and investments spanning real estate, hotels, resorts and golf courses.
Trump, who is chairman of the Trump Organization, has already announced that he will be relinquishing the position before assuming the office of President. US media has also reported that Trump will be handing over management of the company to sons Donald Trump Jr. and Eric Trump, who currently serve as executive vice presidents.
“As it relates to the transition of the Trump Organization, we will be sharing more information very soon,” the Trump Organization spokesperson said in response to ET’s query on reassigning responsibilities at the organization.
Credits ET Realty