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Emaar MGF
Dubai-based Emaar Properties has asserted that it will not sell stakes in its Indian entity but the company is considering forming joint venture with big business houses in India including Adani Group. In a regulatory filing on September 18 at Dubai Financial Market, Emaar Properties said the company "is no longer considering sale of any stake in its Indian entity." "Alternatively, the company is considering joint venture with other large companies /groups in India, including Adani Group," it added. Dubai-based Emaar Properties entered the Indian real estate market in 2005 in partnership with India's MGF Development and had invested around Rs 8,500 crore through the joint venture firm Emaar MGF Land. In April 2016, Emaar Properties decided to end the joint venture through a demerger process. Emaar India has a large portfolio of residential and commercial spaces across Delhi-NCR, Mumbai, Mohali, Lucknow, Indore and Jaipur. Adani Group is active in the Indian real estate market thr
On a Gurugram court's direction, police here have booked UAE-based realtor company Emaar Properties PJSC, its Indian subsidiary Emaar India and 13 others for allegedly cheating its former business partner MGF through undervaluation of land and other offences. Emaar India, in a statement, denied any "association of criminality with this issue" and alleged that it "appears to be nothing but another attempt by MGF to further harass Emaar and its employees. Following an order by Chief Judicial Magistrate Ramesh Chander on November 18, the FIR was registered on November 20 against EMAAR Properties PJSC and its Indian subsidiary, Emaar India Ltd, its director Bharat Bhushan Garg and others, the police said. The case was registered under various sections including 406 (criminal breach of trust), 418 (cheating with knowledge), 471 (using forged document), 120-B (criminal conspiracy) and 506 (criminal intimidation) of the IPC at the Sector 29 police station, they said. According to the ..