The FIPB has cleared the proposal, sought through Mauritius-based H P India Holdings, a Hyatt group entity, and has recommended it for approval by the Finance Minister, sources said.
H P India Holdings intends to set up a JV with Emaar MGF Land Ltd, in the name of Aashirwad Cobuild Pvt Ltd, with a foreign equity of 26 pc, amounting to $ 25-30 million (about Rs 125-150 crore) over the next five years by itself or any other Hyatt overseas entity. The FIPB approval had been sought for developing, owning and operating ‘Hyatt Place' hotels in India, sources added.
Published 08 June 2009, 16:05 IST