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Emaar To Invest Nearly $2B in India

MUMBAI-Dubai-based Emaar Group is set to become the first major foreign investor in India's special economic zones.

By Anita Howarth | Updated on June 14, 2006

(To read more on the industrial market, click here.)

MUMBAI-Emaar Group plans to invest $1.5 billion in Haryana after the Indian Government cleared the way for the first sizeable foreign investment in special economic zones. The Dubai-based group plans to set up 10 SEZs in Haryana at an estimated cost of $1.5 billion. These include three multi-product SEZs, one for gems and jewelry, one for auto components and five for information technology.

At the same time, the government formally cleared 23 proposals, including Sem India’s Fab City project, Infosys Technologies’ proposal for an IT project and Cadila’s proposal for a pharma project. “The board of approval [an inter-ministerial body for SEZ proposals] has given approval only in principle since the company is yet to submit details regarding land for the project,” an official says. Emaar, however, has informed the board that most of the land is private.

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