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Emaar to Establish 100% India Subsidiary
Emaar, the Dubai based Real Estate Company, is planning to set a 100% subsidiary in India as it already occupies an equal joint venture with Delhi based realty company MGF.
The new venture will be executed through Hamptons International, one of the UK’s premier international residential agents Emaar acquired in 2006 for $500 million. Emmar has already begun the process of recruiting people for the new venture.
There is no obligation for the company to go with the current joint venture. The subsidiary will operate independently as Hamptons does in UAE with its own distinct identity and operations.
The Emaar–MGF possesses a land bank of over 10000 acres. The company has also launched a multitude of Residential Real Estate Projects in the north and one commercial project in Mohali.
The company says to have productive future plans of growing together with MGF. It is also engaged in another joint venture with the Andhra Pradesh government. However, the venture does not have any involvement of MGF.
Indeed, the joint venture is doing outstanding and expects to turn stepping stones into milestones with a constant endeavor for excellence, says Emaar MGF Vice-Chairman and MD Shravan Gupta. Emaar MGF had 40% rights in Hamptons worldwide, he adds.
As per the rules stated by the government, an overseas company needs to get a no-objection certificate from its Indian partner before foraying into the same business in India through a wholly owned subsidiary.
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