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.
The clinical-stage specialty bio-pharmaceutical company Vyome Biosciences Private Limited has raises $14 million in Series-C financing round. The financing round was led by a prominent New York based life sciences fund Perceptive Advisors. Apart from that the funding round saw participation of a Boston-based venture capital Romulus Capital along with existing investors.