Emaar MGF to release IPO in 12-18 months

Hyderabad: Emaar MGF Land has announced that it would be back with an initial public offering (IPO) in the next 12-18 months.

The company, a joint venture between Emaar Properties of Dubai and MGF of India, had withdrawn its IPO plan in February, due to the downtrend in the stock markets.

Addressing a press conference, Mr William R. Rattazzi, Chief Executive Officer, said that it (IPO plan) would all depend on the market conditions. When asked about a time-frame, he said it would happen in 12-18 months.

He was here to announce the launch of the $1.4-billion Boulder Hills Golf and Country Club at Gachibowli.

Mr Rattazzi said that the company lined up projects worth $3 billion in the South Indian cities such as Chennai, Coimbatore, Kochi, Mysore and Mangalore in the next few years.

The company would develop residential, commercial, hospitality and SEZs in 10 cities in the South.

“We bring in global expertise through our alliances with Multiplex, Turner, Accor, Four Seasons, Hyatt, Marriott and Premier Inn to offer the best of the services to the Indian customers,” he added.

The 531-acre project would include apartments, 18-hole golf course, multiplex and SEZs.

When the project is completed in the next few years, it would have 2,732 residential units and 115 villas. It would house 33-acre Special Economic Zone called Digital Greens Hyderabad.

The cost of the flats would be in the range of Rs 1 crore to Rs 4.50 crore. Duplex units were put in the range of Rs 3.6-Rs 4.6 crore, while villas would cost Rs 12 crore and above.

Adlabs, the Anil-Dhirubai Ambani Group, is likely to run the multiplex to be developed at the Boulder Hills property.