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New Developments

1) Emaar-MGF acquire Majority Stake in Singapore Company

A deal valued at Rs. 630 crore was signed by Emaar-MGF on 18th April, 2007  to acquire a majority stake in Singapore based RSH Ltd, taking its share to 87.3%.  This marks the company’s entry into the fashion and lifestyle market.

2) Emaar-MGF to Raise Capital

Emaar-MGF proposes to raise $2.9 billion in an IPO to fund its pan-India projects in the second half of 2007. Of the $ 4 billion pledged for India, $1 billion was brought in as one of the largest FDI investments in real estate till date.

3) Emaar-MGF-Accor Tie-up for Budget Hotels

Accor, the French hospitality giant tied up with Emaar-MGF in November 2006 for a joint venture to set up 100 of the Formula 1 brand of budget hotels in India. The joint partnership would set up 50 hotels in the 1st 5 years in the top 7 metros at a cost of $300 million.

The locations for the 100 hotels have already been identified, adding 10,000 hotel rooms across the country for budget travellers, in the range of Rs. 1,000 to Rs.1, 500.

The company has plans to build 10 luxury hotels as well, for which land has already been purchased. Two plots worth almost Rs. 400 crore have been acquired in Jasola, Delhi to start the luxury hotel chain. The Delhi and Mumbai hotels would be in the 7 star category.

The total investment on the hotel segment would be to the tune of Rs. 13,000 crore in the first 5 years. While Emaar-MGF would construct the hotels, a specialty partner would manage them.

4-star business hotels would be set up in the state capitals and other major cities, including Ahmedabad, Indore, Lucknow, Kochi, Goa, Jaipur and Amritsar.

The Group is considering investment in the serviced apartment category as well, and so far 8 cities have been identified. These apartments could be part of a hotel project or independent structures.

4) Emaar-MGF's Foray into Education

The social responsiveness and timing of Emaar-MGF is truly admirable. In April 2007, it announced its plans of setting up 100 schools and a few institutes of higher learning. The latter would offer general as well as specialized courses in business administration, retail management, arts, hospitality, tourism and nursing.

Emaar-MGF Education would set up these schools within the integrated townships it is developing across the country, following the CBSE, ICSE and International Baccalaulreate courses.

The first of these schools will come up in Neemrana, Rajasthan, at a cost of Rs.100 crore. While Emaar-MGF would own and finance the schools, the administration would be handled by an independent charitable trust. The Neemrana School will involve an investment of Rs.100 crore, and will accommodate 1,800 students.

5) Emaar-MGF to invest Rs.1,000 crore in Gujarat Realty Projects

In May 2006, a Rs.1,000 crore investment into townships, hotels, malls and IT Parks was chalked out for Gujarat by Emaar-MGF, based on the state’s aggressive growth chart. The company is exploring properties in Ahmedabad for a 400-500 acre township which would incorporate a 4 or 5 star business hotel. Gandhinagar could be the choice for an IT Park. Vadodara, Surat and Rajkot would be other locations where realty projects would be set up.

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