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Sun 27 May 2007 12:07 AM

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Dubai invests in Indian hotel firm

State-owned Dubai Investment Group buys stake in Bharat Hotels.

Government-owned Dubai Investment Group said on Saturday its investment unit had agreed to buy a 5 % stake in Indian hotel company Bharat Hotels Ltd.

Dubai Ventures would pay $40 million for the stake, Dubai Investment said in a statement.

Dubai Ventures focuses on equity investments in Asia, it said.

Bharat Hotels operates InterContinental hotels across Indian, including New Delhi, Mumbai, Goa and Srinagar.

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