Govt approves French firm Accor’s investment plans

Govt approves French firm Accor’s investment plans
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First Published: Wed, Mar 04 2009. 03 23 PM IST
Updated: Wed, Mar 04 2009. 03 23 PM IST
New Delhi: Government has approved foreign investment proposals for Rs6.16 billion ($119 million), including that of French hotel group Accor, the finance ministry said on Wednesday.
Accor’s Singapore arm plans to invest Rs3.66 billion for setting up a company that will build “Formula 1” hotels in India, it said.
Last year, Accor’s Asia Pacific chief said the firm plans to open 100 hotels in the region in two years despite expectations of a tourism slowdown.
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First Published: Wed, Mar 04 2009. 03 23 PM IST
More Topics: Accor | Hotel | French | Investment | India |