Billionaire Gautam Adani's group is in advanced talks to acquire real estate company Emaar India for an enterprise value of around $1.4-1.5 billion as it looks to expand its property business, according to sources. Dubai-based Emaar Properties entered the Indian real estate market in 2005 in partnership with India's MGF Development and invested Rs 8,500 crore through the joint venture firm Emaar MGF Land.
Despite repeated reports of strained relations between the domestic and the overseas partners in the last few years, he denied that the two firms are moving towards a split.
The Enforcement Directorate on Thursday conducted searches on the premises of realtor EMMAR MGF in connection with the multi-crore illegal Hawala and investment case involving former Jharkhand Chief Minister Madhu Koda.
Emaar MGF, a joint venture between Dubai-based Emaar Properties and India's MGF Developments, is likely to invest about $12 billion in India in the next five years for setting up nine special economic zones and 50 hospitals.
The JV will plough the funds into its property development biz in India.
Emaar MGF, the Delhi-based property company, said it was planning to spend Rs 1,600 crore ($400 million) to set up four hotels in the country in the next three years. It has tied up with global hospitality leader Marriott International to manage the hotels.
EmaarMGF Land, a joint venture between Emaar Properties PJSC of Dubai and MGF Developments of India, is planning to invest $3 billion (Rs 12,000 crore) in 10 locations across south India over the next few years.
Undeterred by the volatility on the Dalal street, realty major Emaar MGF on Wednesday said it would go ahead with its plan to enter the capital market for raising up to Rs 7,077 crore (Rs 70.77 bilion) through initial public offer.
Since India eased rules governing foreign investment in property in 2005, western private equity funds and, now increasingly, the cash-rich states of the United Arab Emirates across the Arabian Sea from India, have flocked to the country.
Leading United Arab Emirates-based firms, especially in the real estate sector, have joined the list of global companies, targetting investments in India in hotels, malls, healthcare, housing, IT parks and integrated townships.
A Dubai government supported company has awarded a sub-contract to India-based Larsen and Toubro for constructing a 108 million Dirham convention centre in Hyderabad.
Dubai-based realty major Emaar is setting up a 100 per cent subsidiary in India, though it has an equal joint venture with Delhi-based MGF, a real estate developer and financier.
Three huge tower cranes, used in moving over 63,300 tonnes of steel reinforcement up to Level 156 of the tower and were operational for a total of 45,000 man-hours, have now been removed, Emaar Properties said.
Developed by Emaar Properties, one of the world's leading real estate companies, the 818-metre tower is expected to be unveiled in January coinciding with the fourth anniversary of Vice President and Prime Minister Sheikh Mohammed bin Rashid taking over as the ruler of Dubai.
The world's tallest building, Burj Dubai, is set to be even more higher than originally planned with the developers having decided to add at least one more floor to the tower, which currently stands at 638 metres.Originally scheduled for completion at the end of the year, the tower, whose final height is shrouded in secrecy, had its target date earlier put back to next April.
The world's tallest building Burj Khalifa has clinched its newest Guinness World Records title for being the highest man-made vantage point on earth.
A majority of big real estate developers in India today said they are insulated from the financial crisis in Dubai and it will not have any impact in the country's property market.
A sustained two-digit average rate of return on capital accrued by developers is indicative of India's "build" momentum
Piramals are the largest investors in the Indian real estate sector after HDFC, with investments worth $3 billion already.
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