Emaar India chief executive officer Ajay Munot steps down

Emaar India CEO Ajay Munot has resigned from the company to pursue his personal interest.

Munot became CEO of India business of Dubai-based Emaar Properties in August 2019. Earlier, he was the chief executive of Adani Realty.

"We confirm that Ajay Munot has resigned from the company to pursue his own personal interests," the company said in a statement.

Emaar India will be managed by Hadi Badri, who heads Emaar's international business, until further notice, it added.

Munot was appointed as the CEO of Emaar India after Prashant Gupta had resigned from the company citing personal reasons.

Gupta had joined Emaar India as CEO in June 2018.

In 2005, Emaar Properties entered the Indian real estate market in partnership with India's MGF group and invested Rs 8,500 crore through joint venture Emaar MGF Land.

However, in April 2016, it decided to end this joint venture and two months later Shravan Gupta, the then executive vice-chairman and managing director of the joint venture resigned from the post.

In January 2018, the National Company Law Tribunal (NCLT) had approved the proposed demerger scheme of Emaar MGF Land, paving the way for two joint venture partners - Emaar Properties and MGF Development - to go separate ways.

The demerger process completed in July 2018.

Post-demerger, Emaar India has about 4,500 acres of land bank across the country.

Emaar India is developing real estate projects mainly in the Delhi-NCR and Punjab.