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Govt clears Hilton-DLF hotel JV

The Government on Thursday cleared the proposal by Hilton international Company, USA and DLF Ltd. to form a Joint Venture for perusing hospitality business in india. Hilton will own a 26% stake in the JV while real estate giant DLF will hold the rest.

Hilton will invest US $143mn in the JV, which will build hotels and service apartments in india, Finance Minister P. Chidambaram said after a meeting of the Cabinet Committee on Economic Affairs (CCEA) in New Delhi yesterday.

Hilton has also been allowed to form a separate, wholly owned subsidiary that will operate hotels in india, Chidambaram said. The total inflow of foreign investment as a result of above transaction is upto Rs7.73bn, he added.

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