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Business News/ Politics / News/  Govt allows multi-crore foreign investment in Orange Realty
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Govt allows multi-crore foreign investment in Orange Realty

Govt allows multi-crore foreign investment in Orange Realty

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New Delhi: The government today allowed over Rs2,000 crore foreign investment in Orange Realty, which will consequently become a foreign-owned Indian company.

“The investing company is by the name of IRVO-III.That company has a large of number of well-known investors. That company is now investing in Orange Realty Pvt Ltd," home minister P Chidambaram said after the CCEA meeting.

The proposal was earlier cleared by the Foreign Investment Promotion Board, but since the investment exceeded 600 crore, it required the CCEA’s approval, Chidambaram said.

India allows 100% FDI in the real estate sector subject to certain norms relating to project details.

The approval comes at a time when funds inflow have slowed to a trickle owing to the global financial meltdown.

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Published: 19 Mar 2009, 01:15 AM IST
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