Emaar India, part of Dubai-based realty major Emaar Properties, has appointed Prashant Gupta as CEO to strengthen its business and is also streamlining processes to make the organisation more efficient.
This is the second major appointment by Emaar India in the last 3 months.
In April, Emaar Properties appointed Hadi Badri as managing director of India business to drive growth following the demerger of its joint venture with a local partner.
According to sources, Prashant, who was working with Aditya Birla group since 2011, has been appointed as CEO of Emaar India.
He held various positions in Aditya Birla group, including that of President and CEO of online retail business ABOF.com.
When contacted, Emaar India confirmed the appointment of Prashant.
"Emaar India is working to strengthen its business operations to achieve its full potential in India and aspires to build a business that is really admired by all stakeholders in the real estate sector.
"The company has been streamlining processes and adapting its organisation to become more productive and efficient. The company has recently appointed Prashant Gupta as CEO," Emaar India said.
In 2005, Emaar Properties entered Indian real estate market in partnership with India's MGF group and invested Rs 8,500 crore through joint venture Emaar MGF Land.
However, in April 2016, it decided to end this JV and two months later Shravan Gupta, the then executive vice chairman & managing director of the JV, resigned from the post.
In January this year, the National Company Law Tribunal (NCLT) approved the proposed demerger scheme of Emaar MGF Land, paving the way for two JV partners - Emaar Properties and MGF Development - to go separate ways.
Emaar India has completed about 5,000 units over the last 18 months and plans to give possession of the remaining about 10,000 units within next one and half years.
It has raised debt to speed up construction of its various housing projects in Gurgaon, Jaipur, Lucknow, Mohali and Chennai. It also has a land bank of about 5,000 acres for future development.
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