Financial Daily from THE HINDU group of publications
Sunday, Apr 04, 2004
Financial Daily from THE HINDU group of publications Sunday, Apr 04, 2004 |
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Corporate
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Announcements `India major investment destination for Emaar Properties' Vimala Vasan
Abu Dhabi , April 3 DUBAI's Emaar Properties, which is soon to begin work on the Rs 500-crore joint venture project in Andhra Pradesh that includes a world-class international convention centre, is seriously exploring more investment opportunities in Tamil Nadu and other States in South India. The Dubai-based property development major views India as a pivotal part of its overseas investment plan that includes the Far East, China and North America. It is currently studying major investment opportunities including a suitable site for a world-class destination mall in India, Mr A.J. Jaganathan, CEO of Emaar Properties, told Business Line in an interview. "India and China today mirror the way the world is heading in the future. The Indian market is exciting at present and it is going to be several multiples of what we see it today. For us it is also the closest market and we are very interested in exploring more investment opportunities in India," Mr Jaganathan said. Even as work on Emaar Properties' joint venture with Andhra Pradesh Industrial Infrastructure Corporation Ltd (APIIC), which includes India's first mega international convention centre, is set to begin shortly, the company is looking at other investment opportunities in Andhra Pradesh, Tamil Nadu and possibly Karnataka. "Though the focus of Emaar in Dubai has been on residential properties, we are now moving into development of commercial properties as well as the retail and hospitality sectors. We are in particular, looking at a suitable site for establishing a world-class destination mall that will cater to a host of requirements that India's upwardly mobile middle class is looking for and deserve," he said. "The mall will offer everything including hotels, restaurants, entertainment, leisure activities like ice skating, and, of course, retail outlets," he explained. Other investments in the commercial property sector and hospitality sector are also being explored. On the upcoming joint venture project in Andhra Pradesh, Mr Jaganathan said that tendering will soon begin for the two-phase project that includes the Rs 245-crore Hyderabad International Convention Centre with a capacity of over 4,000 and a 300-room hotel alongside, in Hyderabad's Hi-tec city. The project will also have a world-class golf course and residential community which will feature 600 housing units, including villas, and apartments. The projects are scheduled to be completed by the last quarter of 2005. The Scottish firm RNJM has put up the concept drawings for the convention centre and the project is getting under way in coordination with an Indian architect firm. "The centre, with a host of facilities similar to the recently built Dubai International Convention Centre, will be operated and maintained to world-class standards," he said. He pointed out that along with Hitex's huge exhibition area, Hyderabad would soon have the largest exhibition and convention centre in India. "It would be the right location for major conferences and expos and we are looking at projecting it as an ideal venue for international conventions," he said. With major events like the Asian Development Bank meeting likely to be held in India in a couple of years, Hyderabad could become a major MICE (meetings, incentives, conventions and exhibition) destination, due to the establishment of the large Hitex complex. Proposals by some major local and international hotel groups for management of the hotel that will be built alongside the convention centre, is currently being studied. The hotel's capacity can be expanded to accommodate 700 rooms at a later stage, Mr Jaganathan added. Emaar is a public joint stock company with an asset base of $7.7 billion (Rs 35,000 crore). It currently has 15 major real estate projects under various stages of development in Dubai including Burj Dubai - the tallest skyscraper in the world. It also owns and manages four subsidiaries - Dubai Bank, focused on retail and commercial banking; Amlak Finance, the UAE's first and only mortgage finance company; EMRILL, a joint venture with the UK-based Carillion Plc which provides innovative property and facilities management services; and its technology and communications company, Sahm Technologies. The property developer was recently in the news for its tie-up with leading fashion house Giorgio Armani to develop 10 Armani luxury hotels and four vacation resorts within seven years at the Burj Dubai, Milan, London, Paris, New York, Tokyo and Shanghai. At least six of the hotels and two of the resorts will open within five years.
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