Emaar MGF to get listed in next 12-18 months

By Staff
|
Google Oneindia News

New Delhi, May 21 (UNI) Emaar MGF, one of the leading real estate developers in the country, will come up with an initial public offering (IPO) within the next 12-18 months.

''The size of the IPO will depend on the performance of the company and the industry as a whole,'' Emaar MGF Executive Vice Chairman and Managing Director Shravan Gupta said here today.

Emaar MGF Land Pvt Ltd also floated a 50:50 joint venture with Australian construction major Leighton Asia Southern to develop projects worth 2.5 billion dollars in India.

The Delhi-based JV company between Dubai's realty major Emaar Properties PJSC and MGF Development is on an agressive expansion mode and plans to enter the hospitality sector with 30-35 business hotels, 7-10 luxury hotels, and 100 budget hotels in the next few years.

The company has earlier announced expansion in healthcare and education sector with a chain of 50 hospitals and 100 schools and universities over the next seven years.

However, no concrete plans have been drafted for the upcoming IPO, he said referring to the low levels of debt the company is in.

Mr Gupta said a minimum of 10 per cent value will be offered mandatory under the SEBI guidelines.

UNI

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