Starbucks plans to buy up to 600 properties in Delhi, including a hotel, shopping mall, and several commercial buildings, in a deal that could create more than 600 jobs in the country.
The deal could create hundreds of jobs at a time when the U.S. is struggling to attract foreign investment.
The U.K. and Germany have also been looking at buying up property in India, which is home to over 2 billion people and the world’s second-largest economy, with many businesses struggling to keep up with demand.
A Starbucks spokeswoman said that the company would pay $30 million for the properties in the capital and that the deal would close in June 2019.
Starbucks has a stake in several property owners, including the Delhi Hotels and Resorts Association, which owns more than half of the hotels in Delhi.
In a statement to the WSJ, Starbucks said it was a “once-in-a-lifetime opportunity” to work with the owners of Delhi Hotel, which it said has been “one of the world´s leading hotel brands for more than a century.”
The deal is expected to create about 60 new jobs, according to the Reuters news agency.
Starbucks is also a shareholder in several other Delhi properties, including several apartment buildings.