Emaar MGF Land Pvt Ltd has formed a joint venture with French hospitality group Accor to build 100 hotels in India over the next ten years.
The joint venture with Accor - christened as Budget Hotels India Pvt Ltd plans to invest $300 mn.
The JV would create a supply of at least 10,000 rooms. The brand will be called “Formule 1″ hotels.
India is a key market for Emaar which plans to invest $1 bn in India. The JV is also looking at an IPO next year which will dilute some 5-10% of the equity. Evolvence India Fund had recently invested $41 mn in Emaar MGF.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.