NEW DELHI: Dubai-based Emaar Properties’ India CEO Prashant Gupta has resigned from the company citing personal reasons, and a new CEO has been appointed, sources said.
Prashant Gupta joined Emaar India as CEO in June last year.
According to sources, Gupta resigned as he decided to move back to Bengaluru for personal reasons. A new chief executive officer (CEO) has been appointed, who will take charge from August 6, sources said.
The name of the new CEO is yet to be announced.
Before joining Emaar India, Gupta was working with Aditya Birla group since 2011. He held various positions in Aditya Birla group, including that of President and CEO of online retail business ABOF.com.
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 and managing director of the JV, resigned from the post.
In January 2018, 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.
The demerger process got completed in July 2018.
Post-demerger, Emaar India has about 4,500 acres of land bank across the country.
In August 2018, Gupta had said that the company would complete all delayed projects, comprising 10,000 units, by the end of 2019.
Emaar India is currently developing projects in Gurgaon, Jaipur, Lucknow, Mohali and Chennai.