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.