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ITC plans to expand its hotel business internationally, beginning with neighbouring countries and West Asia, its Chairman and Managing Director Sanjiv Puri said. The cigarettes-to-consumer goods conglomerate has demerged its hotels division and the new company will list on bourses in the next couple of weeks. The date of ITC Hotels Ltd listing is yet to be announced but Puri said it will happen in "next few weeks". India's most-valued consumer company selling a wide variety of goods from cigarettes to paper, also operates 140 hotels, almost all of them in India. ITC's shareholders will own 60 per cent in the new unit, with the parent company retaining the rest. "So as far as overseas is concerned, we are starting to (expand). We have been India-centric, but we have started to go beyond India. We have a hotel in Colombo. We have one in Nepal. There is one more in Nepal that we have signed up for. "And over a period of time, we will expand (overseas), primarily more focused on proxi
Gateway Partners is planning to invest over USD 1 billion in the next five to 10 years in the booming Indian economy, according to a top company official. It has already invested over USD 250 million in several Indian assets over the past five years. "Over a billion US dollars over the next five to 10 years," V Shankar, co-founder and CEO of Gateway Partners told PTI on Monday when asked about his investment plans for India at the sideline of the Forbes Global CEO Conference in Singapore. "We are looking at tonnes of opportunities in India, said Shankar, adding he was very optimistic about the consumer-driven Indian market. He also noted that foreign investment flow into India was being encouraged by domestic investments, led by entrepreneurs in the infrastructure-industrial programmes and long-term economic development plans. Reflecting on the consumer spending in the country, he said Gateway Partners has just opened two outlets last in Delhi and the NCR region. Tim Hortons, a .
Sebi on Thursday came out with new guidelines for Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs) for making investment abroad, under which overseas investee firms won't need to have an Indian connection. Under the rules, AIFs can invest in securities of companies incorporated outside India. Besides, VCFs are allowed to make investments in off-shore venture capital undertaking, subject to certain conditions. One of the conditions was that such overseas investments were allowed only in those companies which had an Indian connection. Like, a company has a front office overseas, while having its back office operations in India. "The requirement of the overseas investee company to have an Indian connection... has been done away with," the Securities and Exchange Board of India (Sebi) said in a circular. As per the fresh guidelines, AIFs or VCFs will be allowed to invest in an overseas investee company, which is incorporated in a country whose securities market ...