Real estate firm Emaar MGF Land, the Indian joint venture of Dubais Emaar Properties EMAR.DU, said on Friday it plans to spend $3 billion in developing properties in south India over the next few years.
Besides a residential property in Hyderabad with an outlay of $1.4 billion, Emaar MGF will invest in commercial and retail properties and hotels spread over 31 million sq ft in 10 south Indian locations, it said in a statement.
Emaar MGF in February called off a $1.6 billion initial public offering because of tepid investor interest. (Reporting by Rina Chandran; Editing by Ranjit Gangadharan)
Source : in.reuters.com
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