Dubai firm wants to hike investments in India

Monday, 06 December 2004, 20:30 IST
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NEW DELHI: A Dubai-based real estate firm is planning to invest 7.5 billion ($166 million) in India over the next three years and is scouting for other residential, commercial and recreational projects in the country. For the moment, however, Emaar Properties would be investing in two major projects being developed in the Andhra Pradesh capital Hyderabad. But Tamil Nadu and Delhi are some of the other state governments the company has already initiated talks with for new projects, Mohammed Ali Alabbar, chairman of Emaar Properties, said Monday. "We are looking at residential, commercial and leisure projects in India. Our aim is to participate in the growth of other cities. Hyderabad is the beginning of our story here," Alabbar said on the sidelines of the India Economic Summit organised by the Confederation of Indian Industry. "Besides Dubai and other Middle East countries, we have operations in Singapore and the Philippines but would like India to be number one in our focus," he added. At present, India constitutes only $500 million of the company's $9 billion worth assets. "This includes our retail and food business under Blue Foods Company that has operations in retailing and restaurant business. By rights India should constitute half our business investments," said Alabbar. The company is working on a 4,500 people capacity convention centre and a luxury class leisure and residential complex in Hyderabad. The Andhra Pradesh government is a 26 percent stakeholder in both the projects with Emaar holding the controlling 74 percent stake, said Alabbar. Emaar has just awarded a 1.3-billion contract to India's engineering and construction giant Larsen & Toubro to construct the convention centre complex, which is to be the venue of the Asian Development Bank's biennial meeting in May 2006. "The convention centre would be the largest in India with a seating capacity of 4,500 expandable up to 6,500. It would also have a business hotel of 200 rooms. We are close to finalising the operator for this hotel and are in discussions with leading hotel groups," said Emaar's A.J. Jaganathan. "Another smaller 80-90 room luxury hotel is being planned next to the golf course at the residential complex at Boulder Hills, which we would be giving out to a major hotel group for operations," he said.
Source: IANS