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Wed 16 Jul 2008 09:16 AM

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Emaar to ramp up India investments

Emaar set to invest $150mn for 20-25 percent stake in three Indian real estate developments.

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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