Govt allows multi-crore foreign investment in Orange Realty
Govt allows multi-crore foreign investment in Orange Realty
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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