FIPB's nod to Hyatt's JV with Emaar for hotels in India
In a PTI report, Hyatt group's 'Hyatt Place' hotels in India, in a joint venture with realty firm Emaar MGF, got a clearance from The Foreign Investment Promotion Board (FIPB). The clearance was sought through Mauritius─based H P India Holdings, a Hyatt group entity. The final approval is yet to come from the Finance Ministry.
H P India Holdings plans to set up a JV with Emaar MGF Land, in the name of Aashirwad Cobuild , with a foreign equity of 26 per cent, which amounts to 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 various cities and markets across the country.
FIPB's nod has been sought by H P India to allow any Hyatt overseas entity in order to enter into agreements with the Indian JV partner for strategic oversight agreements and agreements related to trademark. Recently, Global Hyatt Corporation announced the JV with Emaar MGF for setting up six hotels by 2013 with an inventory of 950 rooms.
H P India Holdings plans to set up a JV with Emaar MGF Land, in the name of Aashirwad Cobuild , with a foreign equity of 26 per cent, which amounts to 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 various cities and markets across the country.
FIPB's nod has been sought by H P India to allow any Hyatt overseas entity in order to enter into agreements with the Indian JV partner for strategic oversight agreements and agreements related to trademark. Recently, Global Hyatt Corporation announced the JV with Emaar MGF for setting up six hotels by 2013 with an inventory of 950 rooms.
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