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(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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