Ajay Munot appointed new CEO of Emaar India

Dubai-based Emaar Properties has appointed Ajay Munot as its chief executive officer (CEO) for its India business, sources said on Tuesday.

Munot was earlier the CEO of Adani Realty.

He has been appointed as the CEO of Emaar India after Prashant Gupta last month resigned from the company citing personal reasons.

Gupta had joined Emaar India as CEO in June last year.

In 2005, Emaar Properties entered 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) 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 got 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.