The Foreign Investment Promotion Board (FIPB) has given its approval for
Hyatt group's proposal to set up 'Hyatt Place' hotels in the country in a JV
with Emaar MGF, with an investment of $25-30 million (about Rs 125-150 crore).
According to sources, FIPB has cleared the proposal, sought through
Mauritius-based H P India Holdings, a Hyatt group company, and has recommended
it for a final approval by the Finance Minister.
H P India intends to set up a JV with Emaar MGF Land, in the name of
Aashirwad Cobuild, with a foreign equity of 26 per cent over the next five years
by itself or any other Hyatt overseas entity.
Also See:
Hyatt, Emaar
MGF to develop 6 hotels (16-Jan-09)