Dubai's Emaar to demerge from Indian JV with MGF

Emaar Properties plans to reorganise its Indian business through a demerger, the property developer announced

Emaar MGF's Palm Terraces project. [Image for illustrative purposes].
Emaar MGF's Palm Terraces project. [Image for illustrative purposes].

Dubai's Emaar Properties has announced plans to demerge operations of its Indian joint venture Emaar MGF Land.

The joint venture, which was established in February 2005 with an investment of $1.5bn by Emaar, is being reorganised to "enable Emaar to implement focused strategy for its real estate business in India and will allow the business to undertake future expansion strategies," a statement said.

It added, as cited by Arabian Business, that Emaar Properties has agreed to "take steps for the reorganisation of Emaar MGF Land Limited by way of scheme of arrangement (demerger)".

This will allow "Emaar to drive the development of ongoing projects in India," the developer said.

 

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020