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Mergers & Acquisitions | 28 November 2006

Emaar MGF Forms JV With Accor

by Rupal Patel
Emaar MGF Forms JV With Accor
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Emaar MGF Land Pvt Ltd has formed a joint venture with French hospitality group Accor to build 100 hotels in India over the next ten years.

The joint venture with Accor - christened as Budget Hotels India Pvt Ltd plans to invest $300 mn.

The JV would create a supply of at least 10,000 rooms. The brand will be called “Formule 1″ hotels.

India is a key market for Emaar which plans to invest $1 bn in India. The JV is also looking at an IPO next year which will dilute some 5-10% of the equity. Evolvence India Fund had recently invested $41 mn in Emaar MGF.

Source : Reuters

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