Plaza Centers, a subsidiary of Moti Zisser's Elbit Medical Imaging (47%), has bought land in the southern city of Trivandrum, India, to build an entertainment and shopping center, an office complex, and a hotel and apartment hotel.

Just last week Elbit Medical announced the acquisition of land in Bangalore for development, from which it anticipates that it and its partner may see $3 billion in sales.

The company is paying $26.5 million for the roughly 10.78 acres  of land it's buying in Trivandum, which is the capital city of Kerala.

Plaza Centers and its Indian partner will be building 195,000 square meters of space, the company said.

"After close to two years of thorough study of the Indian market and building the team and infrastructure of our organization in India, we are now moving at the pace we have been accustomed to throughout the years of our operations in Central and Eastern Europe," Zisser commented. "We are confident that due to the needs and size of the Indian market, our activities in India will prove to be as successful as our European activities have been and more."

The city of Trivandrum has 1.2 million residents, and a hi-tech center splayed over some 400 acres. A second hi-tech area of the same magnitude is under construction.

Plaza Centers is the subsidiary through which Elbit Medical generally pursues its deficit of shopping centers.