Emaar denies plans to boost stake in Indian JV

The Dubai-based developer said it has 'no plans to increase its equity in Emaar MGF' following claims in the media

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

Emaar Properties has denied claims that it is planning to infuse fresh equity capital into India's Emaar MGF Land.

In a statement issued to the Dubai Financial Market, as cited by Arabian Business, the Dubai-based developer said it has 'no plans to increase its equity in Emaar MGF' following claims in the media.

According to the reports, the fresh equity capital would raise Emaar's stake in the company from 50% to more than 74%. 

Earlier this year, Emaar announced plans to demerge operations of its Indian joint venture Emaar MGF Land.

The company has said it is 'now working towards completing this process'.

In April, it was reported that the joint venture, which was established in February 2005 with an investment of $1.5bn by Emaar, is being reorganied to 'enable Emaar to implement focused strategy for its real estate business in India and will allow the business to undertake future expansion strategies."

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