The Mumbai-based Hiranandani Group has signed a $239 million deal with the island nation of Nauru that plans to reconstruct that country's economy.

The deal puts the control of several international properties owned by Nauru in Hiranandani's hands. As part of the agreement, Hiranandani will pay off the $172 million that Nauru owes to US-based General Electric Capital Corp.

Here are some more details on Nauru and another viewpoint on this story from Australia (apparently the Hiranandanis have spent time in Singapore jails for breach of trust).