Emmar MGF Land to invest Rs 16000 crore on expansion drive
Emaar-MGF Land Private Limited, a joint venture company formed by Emaar Properties PJSC - the world’s largest listed real estate company, and MGF
Developments Limited of India, will invest Rs 16,000 crore in its hospitality vertical to construct 30,000 hotel rooms by 2015, a top company official said.
The company said it plans to develop hotels pan-India covering the luxury, business, limited services and budget segments. The developer plans to partner with hotel chains like Marriott, Hyatt, Intercontinental, Four
Seasons, Whitbread and Accor - Formula 1 for its hospitality project in different segments.
The funding for the project would be a mix of internal accruals, future public listing proceeds, debt, and private equity investments.
Earlier this year, Country’s biggest realtor, DLF Ltd announced its plans to invest nearly Rs 20,000 crore to build and operate more than 25,000 rooms in the next 7-8 years.
