CCEA approves IOREI investment in HDFC fund

New Delhi, Sep 7: The Cabinet Committee on Economic Affairs today approved Indian Offshore real Estate Investments (IOREI) to invest upto 720 million dollars in the units issued by HDFC International Real Estate Fund.

An official spokespersons said here that CCEA has also approved that HDFC Property Fund to issue Series A units of its scheme 'HDFC International real Estate Fund to India Offshore Real Estate Investments.

The HDFC Property Fund would invest through HDFC International Real Estate Fund in Indian companies persuant to its private placement memorandum and other documentation, in accordance with foreign direct investment policies of the governemnt and all other applicable laws and regulations, the CCEA approved. All these approvals would result in the country receiving Rs 3240 crore Foreign Direct Investment, she said.

However, these CCEA approvals were subjected to Foriegn Direct Investment policy in the real estate sector, including non-permissibility of repatriation of original investments before three yars from completion of minimum capitalisation. The investmetns shall also comply with SEBI and RBI guidelines, she added.

UNI