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 decision has been taken due to prevailing adverse market condition...although the QIB and HNI portions of the IPO were fully subscribed and the overall book was closed to 90 per cent," the company said in a statement.
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.
Even as the Central Bureau of Investigation has decided to send a team to Italy to gather details on the VVIP chopper scam, evidence regarding links with the Emaar-MGF is slowly coming to light, reports Vicky Nanjappa.
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 Chandigarh golfer carded a level-par 72 on the concluding day to claim a two-stroke victory and take home the winner's cheque of Rs 810,000.
A disclosure on its land reserves by the joint venture firm Emaar MGF has sparked off a debate on whether a real estate company with foreign investment can own agricultural land in India. Dubai-based Emaar holds around 41 per cent in the joint venture that is expected to raise Rs 5,000 crore (Rs 50 billion) from an upcoming maiden public issue.
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.
The government has decided to provide Rs 100 crore (Rs 1 billion) liquidity support to Emmar-MGF, the developer of the Commonwealth Games village project, as against the developer's demand for Rs 300 crore (Rs 3 billion).
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.
The New Delhi realty firm is gearing up to float an IPO and has now raised its targetted mop-up to Rs 25,000cr.
Punjab is likely to corner a lion's share of the Rs 9,000 crore (Rs 90 billion) investments planned in India by Emaar-MGF infrastructure group, a joint venture between Dubai-based realty major Emaar and Delhi-based MGF
To get 13% more than the suggested rate for selling flats to the authority.
The government on Tuesday accused Emaar MGF Land Ltd, a joint venture between Dubai's Emaar Properties PJSC and India's MGF Development Ltd, of violating foreign exchange rules over investments of Rs 86 billion ($1.51 billion).
Many layers camouflage the acquisition of 1,127 acres of prime real estate in Uttarakhand's capital.
Realty major Emaar MGF on Monday said it will enter the capital market to mop up anywhere between $1.58 to 1.79 billion through issue of 10.25 crore (102.5 million) equity shares in the price band between Rs 610-690.
The Reserve Bank of India (RBI) on Friday hiked repo rate by 50 basis points to 5.90 per cent in order to control the rising inflation, keeping in line with the aggressive policies of central banks and the volatile markets prevalent across economies. RBI Governor Shaktikanta Das announced the rate hike today. In the meeting of the Monetary Policy Committee (MPC) that started on Wednesday, five of the members of the MPC voted to hike the key lending rate, repo rate, by 50-basis points (bps).
However, in the long run, one could expect Emaar MGF to do an encore of DLF. Long term investors who buy into the great Indian growth story will reap handsome rewards from this issue.
Envisaged as a "one-stop shop" for healthcare at Emaar MGF residential complexes and other locations, the hospitals will focus on upper secondary and lower tertiary levels of treatment facilities, sources said. Each hospital will have a bed capacity of 75 to 125 beds.
Emaar MGF and Accor on Monday announced a joint venture to bring the Formule 1 brand of budget hotels to India. The new venture, Budget Hotels India, has planned investments of $300 million over ten years.
The Comptroller and Auditor General (CAG) will start the audit work of Commonwealth Games Village in New Delhi from October 28 to probe allegations of financial irregularities.
The exclusive pictures captured by rediff.com tell the story about how work is being done in haste.
The deterioration in the market mood has directly impacted fund-raising plans of real estate developers, many of whom have either delayed their initial public offers or have decided to go slow.
Major realty firms, including Emaar MGF and Sahara, on Tuesday approached market regulator Sebi for public offerings to raise collectively an over Rs 11,000 crore (Rs 110 billion), reflecting that sector has emerged from the worst of the global financial crisis.
Public money to remedy firm's cash flow being mulled. The Games are scheduled for next year and plagued by failing deadlines and other problems. The Delhi Development Authority, nodal agency for implementation, may announce the rescue package by next week, sources in the agency say.
Half of the 10 IPOs to have hit the market since the beginning of this year have been from the real estate space. J Kumar Infra Projects, KNR Constructions, SVEC Constructions and the now withdrawn Emaar MGF are the worst hit, according to analysts.
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.
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.
The JV will plough the funds into its property development biz in India.
Realty major Emaar MGF said it would develop 200 luxury villas in Gurgaon , which would generate a revenue of at least Rs 900 crore (Rs 9 billion) to the company.
Bharatiya Janata Party leader Kirit Somaiaya has written a detailed petition to the Central Bureau of Investigation, seeking an investigation into the alleged link between Emmar MGF and AugustaWestland, the British firm embroiled in the VVIP chopper scam.
Reader Prasanna L met cricketer Murali Karthik in Gurgoan.
If Wednesday was any indication, the rest of the Parliament session will see the two sides scoring brownie points against each other, and the Gandhis can expect more enemy fire directed at them, says Rashme Sehgal.
Most of the top investment banks will be rendered ineligible to manage the coming initial public offering (IPO) of National Building Construction Corp Ltd (NBCC) if the new rules for appointment of advisors are implemented.
Widening its probe in the Rs 3,600 crore VVIP chopper deal, the ED has begun a trail of "cash" which is suspected to have been paid as alleged kickbacks.
Ratnesh Verma, senior vice president (real estate and development), South Asia, spoke to Deepa Menon on the company's expansion plans in India.
The shops became a subject of a political controversy last week.
The government on Tuesday cleared nine fresh proposals for setting up special economic zones, most of which are related to IT and ITES, followed by the bio-technology sector.
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