Dubai's Emaar Properties is coming to its Indian joint venture Emaar MGF's rescue, reports CNBC-TV18. Sources say Emaar has decided to assume a USD 270 million debt from Horizon, which will help in extending the repayment period by three years.
Emaar MGF, which has been unsuccessfully trying to tap the capital markets since January 2008, is also in talks with private equity players to raise nearly Rs 400 crore for two of its Gurgaon projects. Sources say the realty firm is talking to Tishman Speyer, Sun Apollo and Morgan Stanley for this project level financing.
When contacted, Emaar MGF said it is regularly in talks with quite a few potential investors and lenders, that these talks are generally confidential in nature and thus it cannot comment further at this stage. CNBC-TV18 also learns that Emaar MGF is in talks with Starwood Capital to raise USD 200 million at the entity level, which will require dilution of both partners-Emaar and MGF.
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