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DUBAI: UAE based Emaar Properties is set to inject $150 million for a 20 to 25 per cent stake each in three real estate developments in India, to boost funds in its Indian joint venture.

Emaar and MGF Developments of India, which set up a joint venture in 2005 called Emaar MGF, currently holds India's largest foreign direct investment in real estate through projects, with a combined development value of $1 billion.

Emaar now considers picking three separate special purpose vehicles (SPVs) which will then develop two retail properties and one office property in Gurgaon and Mohali.

“Emaar is evaluating the options of private equity investment in special purpose vehicles in India. Due diligence on potential investments are on and details have not yet been finalised,'' an Emaar spokesperson said. - PTI

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