and Dubai Aerospace to jointly tap India's airport up-gradation market
Delhi: Realty major Emaar-MGF has entered into a memorandum of understanding
with Dubai Aerospace Enterprise (DAE) to tap the burgeoning airport upgrade market
in India. Together, the companies will explore potential areas of co-operation
and identify and evaluate the design, construction, expansion, renovation, modernisation,
commissioning, maintenance, operation, management and development of existing
and new airports in India.
Properties is one of the world's leading real estate developers with operations
in 16 countries, while Emaar-MGF is their joint venture with the Delhi-based MGF
per the draft red herring prospectus filed by Emaar-MGF last week, the company
says that it has identified the development of airports in India as a growth opportunity.
"The government of India has already taken initiatives in setting up airport
development projects, both Greenfield and Brownfield, through public and/or private
partnerships, and has announced similar plans for many new cities. Such projects
also allow development of necessary non-aeronautical commercial facilities, such
as hotels, convention centres, retail and commercial/office spaces, in and around
the airport. These opportunities would require us to tie up with specialists in
airport development and operations.
have a memorandum of understanding with DAE to work together with DAE to explore
potential areas of co-operation and to identify and evaluate the design, construction,
expansion, renovation, modernisation, commissioning, maintenance, operation, management
and development of existing and new airports in India with a view to furthering
our respective strategic objectives in India," it says.
has filed for an IPO with market regulator SEBI, through which it expects to sell
117 million shares, raising around Rs4,000 crore ($1 billion) in the process.
The IPO will also result in the dilution of a 10 per cent stake for the company.
Securities and DSP Merill Lynch, along with Citigroup Global Markets India, Kotak
Mahindra Capital, HSBC Securities, JPMorgan India and Goldman Sachs (India) Securities
will manage the issue.
is engaged in the development of properties in the residential, commercial, retail
and hospitality sectors.
in Dubai, DAE was established in February 2006, and is currently engaged in building
itself into a global aerospace, manufacturing and services corporation. It is
currently establishing subsidiaries in six key sectors, spanning everything from
research and development to manufacturing, maintenance, repair and overhaul, aircraft
leasing and aerospace services.
reports on Aerospace
news reports on Aviation & Aerospace