Real estate developer Emaar MGF on Thursday said it conducts valuation exercise of its assets on a regular basis and rebuffed reports of a possible split between its partners - MGF Development and Dubai's Emaar Properties.
"Emaar MGF, on a regular basis, values its assets for banking or allied purposes. Emaar Properties, as an investor, also gets similar valuations done across its investments and businesses, in various geographic markets including India," said Emaar MGF Land Ltd Executive President Sanjiv Saddy.
Despite repeated reports of strained relations between the domestic and the overseas partners in the last few years, he denied that the two firms are moving towards a split.
"There is no move to split the asset portfolio of Emaar MGF, and any reports to the contrary are baseless rumours," Saddy said.
When contacted, a spokesperson of Emaar Properties accepted that valuations are being done as a regular practice, but denied that it is planning to exit the joint venture.
"...And as a company policy, we do not respond to such market rumours or speculation," the official added.
The spokesperson said India is one of the key markets for Emaar
Properties and it is committed to the joint venture operations with MGF Developments in the country.