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Emaar Properties' India unit raises 25B Indian rupees

In an effort to fast track and complete its ongoing projects, Emaar Properties PJSC's India unit raised 25.00 billion Indian rupees from banks and financial firms in the past six months, The Economic Times of India reported.

A spokesperson for Emaar India was also quoted as saying the raised funds were also used to repay high-cost debt.

The March 28 report added that Emaar India recently reorganized its project management team, as certain projects were stuck due to its planned demerger from MGF Developments Ltd., a deal expected to be completed in April. Under the reorganization, Emaar India will control most of the 55 ongoing and partially completed projects that are due for delivery in the next 24 to 30 months.

As of March 27, US$1 was equivalent to 65.06 Indian rupees.