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Monday, 09 November 2009 03:10 UAE time

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Emaar to ramp up India investments

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 16 July 2008
INDIAN EXPANSION: Emaar is set to inject $150mn into three real estate developments in India.<br />(Getty Images)
INDIAN EXPANSION: Emaar is set to inject $150mn into three real estate developments in India.
(Getty Images)

Emaar Properties, the largest real estate company in the Middle East, is set to inject $150 million for a 20-25 percent stake each in three real estate developments in India.

Emaar and MGF Developments of India set up a joint venture in 2005 called Emaar MGF, which currently accounts for India's largest foreign direct investment in real estate through projects with a combined development value of US$1bn, UAE daily Gulf News reported on Wednesday, citing a company spokesperson.

Emaar is now considering establishing three separate special purpose vehicles which will then develop two retail properties and one office property in Gurgaon and Mohali.

Emaar holds 41% in the Emaar-MGF joint venture while MGF holds 56%.

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