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Nod for Dubai property firm to set up venture
Special Correspondent
NEW DELHI:
The Cabinet Committee on Economic Affairs (CCEA) today gave its nod to the Dubai-based Emaar Properties for setting up a joint venture to develop integrated township projects including apartments, hospitals, shopping plazas, hotels and other infrastructure facilities like roads, bridges and mass rapid transit systems.
The company would acquire 60 per cent of the paid-up shared capital of the joint venture through its Mauritius-based subsidiary company. The company would be investing a maximum of $500 million (Rs. 2,185 crores) in the joint venture through its Mauritius-based subsidiary.
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