Ager Hotels' holding co gets FIPB okay
The FIPB has approved Mauritius-based Ager Hotels’ proposal of acting as a operating-cum-holding company.
By Vikas Bhardwaj, ET Bureau |
NEW DELHI: The FIPB has approved Mauritius-based Ager Hotels��� proposal of acting as a operating-cum-holding company. The company plans to own, operate and manage hotels, motels, inns and tourist resorts across the country through Haryana-based Ager Hotels India.
The company, which has already started some projects in India, plans to further invest Rs 212 crore over the next five years. With an authorised capital of Rs 25 lakh, it has also received post facto approval for downstream investments in Radha Mohan Builders and Convention Hotels India.
This is the second time that the company has sought approval for an operating-cum-holding company. It had removed its application to reassess its business plans. In the present case, since the company had already made some downstream investments, the Board referred the matter to the RBI.
The RBI gave its green signal to the proposal after Ager presented its revised business plans and also sought ex-post facto approval from the FIPB for the downstream investments already made. As per the current policy, once FIPB approval is attained, 100% FDI is allowed in holding-cum-operating company and the downstream investments are subject to provision of press note 9.
The company, which has already started some projects in India, plans to further invest Rs 212 crore over the next five years. With an authorised capital of Rs 25 lakh, it has also received post facto approval for downstream investments in Radha Mohan Builders and Convention Hotels India.
This is the second time that the company has sought approval for an operating-cum-holding company. It had removed its application to reassess its business plans. In the present case, since the company had already made some downstream investments, the Board referred the matter to the RBI.
The RBI gave its green signal to the proposal after Ager presented its revised business plans and also sought ex-post facto approval from the FIPB for the downstream investments already made. As per the current policy, once FIPB approval is attained, 100% FDI is allowed in holding-cum-operating company and the downstream investments are subject to provision of press note 9.
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