Leela Palaces to invest Rs 2,200 cr by next year | business | Hindustan Times
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Leela Palaces to invest Rs 2,200 cr by next year

business Updated: Jul 11, 2009 18:58 IST
The Leela Palaces

Hospitality player The Leela Palaces, Hotels and Resorts is planning to invest Rs 2,200 crore by the next year as part of the group's plan to add seven new properties across the country by 2012-13.

The company will spend the amount for its upcoming hotels in Delhi and Chennai which will be ready for inauguration in 2009.

"We plan seven new properties across India by 2012-13, and as the first phase of it our group would be investing Rs 2,200 crore to complete two new hotels in Delhi and Chennai by the end of 2009," Hotel Leela Venture Ltd Vice Chairman and MD Vivek Nair told reporters in New Delhi.

He said that besides the properties in Delhi and Chennai, the chain is also going ahead with plans to set up hotels one hotel each in Udaipur, Pune and Hyderabad and resorts in Kovalam and Kolkata by 2012-13.

"We have managed to secure funds for the Delhi and Chennai properties with a mix of buy-back of 25 per cent of our Foreign Currency Convertible Bonds worth USD 100 million and Euro 60 million," Nair said, adding that the buy-back was decided during the company's board meeting on June 27.

Leela group's board had also passed the enabling resolution for setting up properties in Agra, Hyderabad and Pune during the same meeting, though actual number of equity has yet to be decided upon, he added.