Dubai-Mubasher: Emaar Properties is planning to raise its stake in Emaar MGF Land to more than 74%, according to the Economic Times.
The two firms have agreed to separate as most of their projects are halted due to “paucity of funds”.
The stake increase will happen over stages once the separation process is complete, two people familiar with the matter told the Economic Times.
Emaar Properties holds 48.86% in Emaar MGF Land, which was set up as a joint venture (JV) between the Dubai-based property developer and Sharvan Gupta-promoted MGF Development, according to data on Mubasher news website.
