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
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.