By ERIC BELLMAN, Staff Reporter of THE WALL STREET JOURNAL

BOMBAY, India — New York property company Tishman Speyer Properties, L.P. is creating a joint venture with ICICI Venture Funds Management Co. of India to invest $600 million in India’s booming property market, The new joint venture, TSI Venture Ltd., will be one of the first companies to take advantage of the recent deregulation of India’s real-estate market. Each company will contribute $300 million, from their own funds and from outside investors, to be invested in developing residential, office and retail properties in India’s largest cities. ICICI Venture, a venture fund-management company, is a unit of ICICI