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Emaar Mulls IPO for India; Closes Algeria Office

DUBAI - Emaar Properties said that it is studying various fund raising options including an IPO for its Indian subsidiary, Emaar MGF.

In a statement e-mailed to Khaleej Times on Sunday, Emaar said that India remains one of its key growth markets and “based on regulatory approvals and depending on market opportunities, the company continues to evaluate various fund raising options including an initial public offering.”

On Friday, an Indian TV channel reported that Emaar MGF — a joint venture between Emaar and Delhi-based MGF Developments — is in preliminary talks with an investment bank to raise Rs40 billion (Dh3 billion) by selling shares to the public. It will be the second attempt at going public for Emaar MGF after it withdrew its Rs64 billion IPO in February 2008 amid a slump in the equity markets.

Meanwhile, the company said that it has closed its office in Algeria due to lack of progress on its projects in the country. “Emaar created designs for key developments in the country and the master plans were submitted to the authorities for necessary approval,” Emaar said in a statement.

“Due to a lack of progress which is beyond the company’s control, the office set up to drive these projects forward has now been closed,” the company said.

· aruna@khaleejtimes.com

· With inputs from Agencies