Dubai: Emaar MGF, a joint venture between Dubai-based Emaar Properties and India’s MGF Developments, is likely to invest about $12 billion in India in the next five years for setting up nine special economic zones and 50 hospitals.
Emaar MGF also plans to add 25,000 hotel rooms throughout the country in 10 years, besides establishing schools and universities, residential townships and shopping malls.
“It is our vision to change the way modern India lives and toward this goal we have brought into the country the largest ever foreign direct investment (FDI) in the Indian real estate sector,” Emaar MGF Executive Vice Chairman and Managing Director Shravan Gupta told Gulf News.
The company started the expansion programme by laying foundation stone for a township project at Mohali Hills, a satellite town of Chandigarh.
The project will have a capital of Rs16,000 crore and will include residential plots, town houses, villas and shopping malls, in addition to facilities such as hospitals and IT parks.
Meanwhile, Emaar MGF has received approval for nine SEZs, proposed to be located in states including Haryana, Hyderabad, Tamil Nadu, Andhra Pradesh and Karnataka.
In the hospitality sector, the company plans to build 10 luxury hotels and 45-50 business hotels in 10 years. It’s joint venture with Accor will result in 100 budget hotels. In all, it will add 25,000 hotel rooms across India in 10 years.