Dubai-based realty company Emaar group is all set to invest Rs 10,000 cr in developing malls in India through its joint venture company Emmar MGF Ltd. Mr Susil Dungarwal from Prestige group has been roped in to head the mall business. Emaar-MGF, which is now developing malls in the North (Delhi & Jaipur) has plans to create a pan-India presence and plans to carry out multiple 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 India and further plans to invest $300 mn over the next 10 years. The location for development of Formule 1 hotels has already identified and the company is planning to develop 50 hotels in the major metros during the initial five years of operations including Bangalore.
Hindustan Times New Delhi Edition January 29 2007