According to The Economic Times, the Versace Group has yet to find a local partner for the proposed resort – which could mean billions of dollars investment in the Indian economy.

For its previous two resort projects, Versace teamed up with Australian property developer the Sunland Group.

In September this year, work began on the second Versace resort, the AED2.8bn (US$766m, 598m euro, £406m) Palazzo Versace in Dubai.

Palazzo Versace Dubai is situated on the banks of Dubai Creek and will comprise 215 suites and a spa.

President of the Versace Group, Santo Versace, said: “The design of the Palazzo Versace Dubai will include all the trademarks of Versace style and glamour while incorporating the needs of the local environment.”

The Dubai project is being undertaken by the Emirates Sunland Group, a joint venture between the Sunland Group and Emirates International Holdings. The first Palazzo Versace opened on the Gold Coast, Australia, in late 2000.

Photograph: the first Palazzo Versace opened in Australia in 2000

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