Dubai-based real estate company Emaar group is set to invest Rs 10,000 crore in developing malls in India through its joint venture company Emmar MGF Ltd.
The joint venture company, which is being set up to undertake hotel, malls and SEZ businesses, has roped in Susil Dungarwal from Bangalore-based Prestige group to head the mall business.
Dungarwal, former CEO, of Hiranandani group’s retail business, Lakewood Malls Private Ltd, is being roped in to pilot the aggressive expansion plans. Susil was instrumental in launching Haiko supermarket and The LOFT, which have set benchmarks in the super specialty retail formats.
Emaar-MGF, which is now developing malls in the North, plans to create a
pan-India presence. The join venture company is mainly developing malls, in the range of 2-10 lakh sq ft, in Delhi and Jaipur. The company is also planning to carry out various housing and integrated township projects. Emaar MGF and French hotel major Accor has also formed a joint venture, Budget Hotels India Private Ltd, to bring Formule 1 brand of budget hotels to the country. The new venture plans to invest $300 million over the next decade. The company has already identified potential locations for the development of Formule 1 hotels. Starting with the major metros, the company plans to develop 50 hotels during the first five years of operations.