Emaar MGF Land Ltd says it will invest US$3.7bn in the construction of 30,000 hotel rooms by 2015.
According to DNA Money, the joint venture between MGF and UAE-based Emaar Properties has a long-term strategic focus on enhancing India’s hospitality infrastructure.
MGF Chief Operating Officer Sanjiv Rai says funding for the project will come from internal accruals, future public listing proceeds, and debt and private equity investments.
In April, the company announced it will invest US$400m to develop four Marriott-branded luxury hotels in India by the end of 2010.
By staff writer