Wed, Apr 13 2016. 02 22 PM (Livemint.com
Emaar MGF Land was the first partnership through a large foreign direct investment in India’s real estate sector.
Bengaluru: Dubai’s Emaar Properties PJSC has decided to terminate its 11-year-old joint venture with MGF Developments Ltd, Emaar MGF Land Ltd.
The joint venture will undergo reorganization through a demerger scheme, and Emaar Properties will drive the ongoing projects of the company in India.
In a statement on Dubai’s DFM General Index, Emaar, one of the largest developers in Dubai and the creator of the Burj Khalifa, said: “This reorganization will enable Emaar to implement focused strategy for its real estate business in India and will allow the business to undertake future expansion strat...