FIPB Clears Rs 100 Crore FDI

Sat, 30 Aug 2008 11:04:18 +0000

Real estate investment division of JP Morgan Chase is possibly to pick up about 18% stake in Core Hotels Ventures for one hundred crore rupees with the Foreign Investment Promotion Board clearing the proposal.
The suggestion of J P Morgan India Property Mauritius Company II will now go to FM P Chidambaram for final authorization.
Core Hotels Ventures is engaged in providing project management and hotel maintenance services and also building two hotels in Hyderabad.
As par sources, J P Morgan India Property Mauritius Company II has wanted approval to subscribe to 1.42 crore share of Rupees ten each of Core Hotels Ventures at a price of Rupees seventy per share for a overall consideration of around one hundred crore rupees.
Previous year, Core Hotels got FDI from Indus Hotels Reality (Mauritius) Ltd which picked up 12.8 % stake. The company was given around just more than One crore shares.
J P Morgan Chase is engaged in diverse financial service activities, together with asset management, investment banking, private banking and securities services.

Indian Firm In S And P Asia Property 40 Index

Tue, 03 Jun 2008 06:54:37 +0000

The sharp fall in shares of realty majors in India has meant that not a single Indian real estate company figures in Standard & Poor’s Asia Property 40 Index.

The index comprises forty Asian realty companies listed in terms of market capitalization, an S&P release said on Monday. From a year high of 13848.09 on 8th January 2008, the BSE Realty Index slumped 51.4% to close at 6728.13 on Monday.

On the weak prospects of domestic realty sector, global consultancy firm J P Morgan said in a report in April that this year could be tough for Indian property developers.

A tight monetary policy, coupled with funding constraints and worsening fundamentals, especially in the residential market, are beginning to hurt. Execution too seems to be slipping, thus making it difficult for companies to maintain growth.”

Among the top ten companies in S&P’s realty index, six are Chinese, three Japanese and one from Singapore.

India Real Estate Monitor » J P Morgan

FIPB Clears Rs 100 Crore FDI

Indian Firm In S And P Asia Property 40 Index