New Delhi: Emaar Properties in Dubai has claimed that it will not sell interests in its Indian entity, but the company is considering forming joint venture with large business houses in India, including Adani Group.
In a regulatory application on 18 September on the Dubai financial market, Emaar said Properties that the company “is no longer considering considering an interest in its Indian entity.”
“As an alternative, the company is considering Joint Venture with other large companies /groups in India, including Adani Group,” it added.
The Dubai Properties, based in Dubai, came to the Indian real estate market in 2005 in collaboration with the MGF development of India and had invested around RS 8,500 Crore through the Joint Venture company Emaar MGF country.
In April 2016, Emaar Properties decided to terminate the joint venture through a demerging process.
Emaar India has a large portfolio of residential and commercial spaces in Delhi-NCR, Mumbai, Mohali, Luckknow, Indore and Jaipur.
Adani Group is active on the Indian real estate market due to its non -exhibition -enjoyed entities Adani Realty and Adani Properties.
The group also has redevelopment projects, including Dharavi, one of the largest slums in Asia in Mumbai.
Emaar Properties PJSC is one of the leading real estate companies in the world, with an important presence in the Middle East, North Africa and Asia.
The company has a landbank of approximately 1.7 billion square feet on the VAE and important international markets.
Since 2002, Emaar has supplied more than 1.22,000 residential units in Dubai and other world markets.
Burj Khalifa, a global iconic building, and Dubai Mall are among the most important projects developed by Emaar Properties.
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