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Omaxe says has $9.6 mln exposure to Dubai
Indian realty firm Omaxe has a 450 million rupees (USD 9.6 million) exposure through a joint venture with Dubai World's property developer unit Nakheel, and is looking to exit the project, its chairman said on Friday
Indian realty firm Omaxe has a 450 million rupees (USD 9.6 million) exposure through a joint venture with Dubai World's property developer unit Nakheel, and is looking to exit the project, its chairman said on Friday.
Omaxe was to have invested 4.5 billion rupees in the project but has so far paid only 10%, Rohtas Goel said by telephone.
"They have put the project on hold. Nakheel has not given us the land they promised us," Goel said.
"We will seek to get the money back."
Shares in Omaxe were down 2.8% down at 92.65 rupees at 2:47 p.m (0917 GMT), having fallen nearly 9% earlier.
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