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.
Steelcast Ltd. is a 55 year old renowned company in steel casting industry having a successful track record.Equity Capital amounting to Rs 1214.40 lacs was raised through Preferential Allotment of 20,24,000 Shares issued at Rs 60 per Share (Including premium of Rs 55 per share).