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The Cabinet Committee on Economic Affairs(CCEA) today gave its approval to M/s. EMAAR Properties PJSC, Dubai for establishing a Joint Venture Company (JVC) in India for the development of Integrated Township Projects. This will include residential apartments / houses / villas, commercial premises, schools, hospitals/ dispensaries, recreational facilities like club/sports complex, shopping plaza, hotels, parks, other infrastructure facilities like roads, bridges and mass rapid transit systems, and other allied activities.
The EMMAR Properties will be permitted to acquire 60 per cent of the total paid-up and subscribed share capital of such JVC through its subsidiary company in Mauritius, M/s. EMAAR Holdings Ltd. The Company will also be permitted to invest up to a maximum of US $ 500 million in the said JVC in India, through its subsidiary company in Mauritius.
By this, an additional FDI amounting to US $ 500 million (Rs.2185 crore) will be received in the country.
RK/DS/LV
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