Tuesday, July 17, 2007

Emaar plans 100% India subsidiary

Dubai-based realty major Emaar is setting up a 100 per cent subsidiary in India, though it has an equal joint venture with Delhi-based MGF, a real estate developer and financier.
The subsidiary will operate independently. It is not necessary for us to go with the current joint venture.
Under government rules, an overseas company has to get a no-objection certificate from its Indian partner before entering the same business in India through a wholly-owned subsidiary. An Emaar spokesperson said it was not necessary for Emaar to obtain a no-objection certificate from MGF to bring Hamptons to IndiaEmaar plans 100% India subsidiary

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