MUMBAI: Following the initiation of demerging its India partnership venture, Dubai-based realty major Emaar Properties’ arm Emaar India has raised Rs 2,500 crore to expedite and complete its ongoing projects. The funds have been raised from banks and financial institutions over the past six months.
Emaar recently revamped its project management team in an effort to fast track projects which were stuck due to uncertainty over the fate of this partnership. Dubai-based Emaar Properties PJSC, which had made the then largest FDI of over Rs 7,000-crore in its real estate joint venture Emaar MGF Land in 2005-06, has parted ways with its Indian partner MGF Developments.
Under the separation plan, expected to be concluded by April end, Emaar India will get control of most of the 55 ongoing or partially completed sub-projects, and is trying to expedite and deliver these. These sub-projects are part of the total 30 projects with approvals. Emaar India confirmed raising the funds from banks and financial institutions over the past six months for completion of its projects.
