Royal Orchid Hotels said that the company executed joint venture agreement with the owners of land ad-measuring about 4665 sq. metres situated in Powai, Mumbai for construction and management of a 4-star hotel with 250 rooms by name Royal Orchid Central.
The company said that it acquired 53% of the equity capital of the joint venture Amartara Hospitality for Rs.18.04 crore and would raise its stake up to 74% before December 2010. The new hotel is likely to commence its commercial operations in 2011.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.