"Yes, they (Emaar) have committed $150 million and the money has just started coming in," Emaar MGF Chief Financial Officer Sanjay Baweja said.
The investment comes at a time when the JV, in which Emaar has 43 per cent stake and the Indian partner MGF holding 52 per cent, is trying to recover from the setback of postponing its IPO.
The company now plans to float the public issue sometime next year. It had withdrawn the proposed issue in February after it was under-subscribed due to market slump. "I do not think IPO will happen in this year. We will consider it sometime next year," Baweja said.
Elaborating on the fresh investments by Emaar, he said the Dubai-based partner would pick up some stake in few projects.
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When asked if the company had identified the projects, Baweja said: "The projects are not determined and it is being worked out. These will be a mix of residential and commercial projects."
The company had announced plans to develop 566 million sq ft during the next 10 years in India, of which about 455 million sq ft would be residential, 90 million sq ft would be commercial and 18 million sq ft would be retail.
Emaar MGF has formed joint ventures in hotels, hospitals, education and construction sectors. It had signed an MoU with Fortis to set up 25 hospitals of 75-125 beds. It would also develop several hotels across different categories totalling about 5,000 rooms.