New Delhi, April 13: Dubai-based realty firm Emaar Properties and India's MGF Development have decided to end their 11-year-old joint venture through the demerger of Emaar MGF Land Ltd into two separate entities.

Emaar Properties, which entered India in 2005 with the largest FDI in the realty sector, has invested about Rs 8,500 crore in the real estate market through its joint venture Emaar MGF. The two partners held about 49 per cent each in the joint venture. The joint venture has a land bank of around 8,000 acres and 53 ongoing residential and commercial projects.

In a filing with the Dubai Financial Market, Emaar Properties said it had "agreed to take steps for the reorganisation of Emaar MGF Land by way of scheme of arrangement (demerger)".

The reorganisation is being done to focus more on its Indian operations and develop the potential for business expansion, said the Dubai-based company.

Separately, Emaar MGF said the board in its meeting held on April 11 decided to take steps for the reorganisation of the company through a scheme of demerger to be filed in the court citing similar reasons.

The board authorised the company to execute necessary agreements and documents in respect thereof.