The government on Wednesday allowed over Rs 2,000 crore foreign investment in Orange Realty, which will consequently become a foreign-owned Indian company.

The Cabinet Committee on Economic Affairs approved an investment company 'IRVO-III' to inject investment into Orange Realty Pvt Ltd following which the Indian outfit will be able to make different investments, including Rs 2,051 crore in a Special Economic Zone project.

'The investing company is by the name of IRVO-III...That company has a large of number of well-known investors. That company is now investing in Orange Realty Pvt Ltd,' Home Minister P Chidambaram said after the CCEA meeting.

Financial Express