India is a key market, committed to success of projects: Emaar

DUBAI: Terming India as a key market, real estate company Emaar Properties today said it is committed to the success of its projects in the country through its joint venture firm Emaar MGF.

The UAE based firm clarified in a filing to the Dubai bourse after reports suggested that it is ending its joint venture with MGF properties in India.

"..we would like to clarify that India is key market for Emaar and we are committed to the success of our projects in India through our company Emaar MGF Land Ltd," Emaar said in the filing.

Emaar MGF Land Ltd, headquartered in New Delhi, started operations in India in mid-2005 with an investment of Rs 8,000 crore and is engaged in residential, commercial, retail and hospitality projects across India in cities like Gurgaon, Chennai, Hyderabad and Indore among others.

Both Emaar and MGF have 49 per cent stake each in the joint venture firm.

However the company said, "...a number of options are considered to ensure that our growth objectives are met."

It added, as a part of streamlining process of the company "we conduct regular review of the ongoing operations of the company".

The Dubai Financial Market had sought clarification from the company.