US financial major JPMorgan Chase & Co's deal to pick up an 18% stake in Core Hotels Ventures for $23 million (Rs 100 crore) has been approved by the Foreign Investment Promotion Board (FIPB), the nodal body for foreign investments in India. Core Hotels is involved in providing project management and hotel maintenance services. It is also building two hotels in Hyderabad. The investment, which has been made through JPMorgan India Property Mauritius Company II, will now go to Finance Minister P Chidambaram for final clearance, according to this report.
JPMorgan Chase & Co has earmarked $750 million for private equity investments in Asia. It has picked up 33% stake in a real estate special purpose vehicle (SPV) of Alok Infrastructure for $35 million (Rs 150 crore). JPMorgan Chase has also acquired 4% stake Delhi-based real estate firm Business Park Town Planners' Limited for Rs 250 crore. It has also invested Rs 60 crore in PVR Pictures Ltd.