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Government clears Orange issue of subsidiary

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One of the renowned realty Orange group has been allowed by the Indian Govt. to set up a full ownership subsidiary in country. According to the sources of www.propertykhazana.com the company has already received a whooping Rs 2,052 crore from a Mauritius funding house – IREO Investment Holding III for the sole purpose of bringing up a Special Economic Zone, BPO parks along with some other realty projects. A spokes person on behalf of IREO has said that “the Orange realty has applied for subsidiary at the Foreign Investment Promotion Board and they have been cleared for the further processing”.
Source of www.propertykhazana.com also reveals that the company already possesses a project of mix use at a major location in Gurgaon and the latest approval has made the scene of Orange realty brighter. “The Delhi based Orange realty has put an application seeking the status of foreign owned Indian holding - cum – operating company and also made provisions to engage the downstream groups in realty developments and construction of SEZ” as added by the spokesman.
Incase of any transfer of mode of business criteria one has to take the approval from the board of foreign investment. After a meeting with the cabinet committee on Economic affairs the home minister has revealed that “the company is under the name of IREO – III with huge number of renowned investors and is now investing the same in Orange Realty”. For more updates visit www.propertykhazana.com.
Source: NBTVLIVE

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