Rashmi

Emaar MGF, a joint venture between the Emaar group of the United Arab Emirates (UAE) and leading Indian real estate developer MGF, Thursday signed an agreement with the Uttarakhand government to build and run a five-star hotel and a convention centre in Dehradun.

The new hotel and the convention centre is part of an integrated facility comprising retail and entertainment space spread across 10 acres of land and has been planned with an investment of Rs.2 billion ($49 million) over two years.

As a strategic pivot within the northern region, Emaar MGF's initial investment in the state will witness the establishment of a world-class hospitality, convention and retail facility, accelerating its positioning as a dynamic business and tourist hub. This will catalyse the development of the state's economy and provide an impetus to generate additional revenue opportunities.

Stating that Uttarakhand enjoyed a strategic geographic advantage conducive to business growth, the state's Tourism Minister Prakash Pant said, 'Our partnership with Emaar MGF is the first instance of a public-private partnership (PPP) being undertaken in Uttarakhand for development of tourism and employment generation.'

The Emaar MGF JV is a leading player in India's booming infrastructure sector with plans to make the country's largest mall and mega residential projects. Earlier this year, Emaar MGF had committed $12 billion investment in India for residential and commercial projects. Of the $12 billion, $5 billion will be in the residential sector. The rest will go into hospitality, retail and healthcare, said Emaar MGF managing director Shravan Gupta. Work on all these would start within next six months.

News Source: monstersandcritics.com