Diversified Rajhans Group today said it plans to invest around Rs 300 crore over the next two years to fuel expansion of its hospitality and entertainment verticals.
The firm, which today signed Bollywood actress Sonakshi Sinha as brand ambassador, operates in five verticals -realty, entertainment, hospitality, textile and confectionery.
"We have established ourselves as a real estate developer. Now we want to expand our other businesses like hospitality and entertainment. For this, we plan to invest around Rs 300 crore over the next two years," Rajhans Group Chairman Jayesh Desai told PTI.
Currently, the company has seven residential and five commercial projects in its portfolio. On entertainment front, the company said it plans to increase the number of its multiplexes across the country to 25, from the current five operating in Gujarat, in the next two years.
"We aim to expand the base to 25 multiplexes with 100 screens across the country by 2014. We may require to invest around Rs 250 crore for this," he said.
Further, Rajhans wants to expand its hotel chain by adding five more outlets by 2014. At present, it has a chain of restaurants under the brands Enjoy and Sizzling Salsa across Gujarat.
"We plan to establish boutique hotels at historical places, pilgrimage destinations, hill stations and business zones across the country. We may invest around Rs 50 crore for setting up these hotels," Desai said adding, "in future, we want to add nearly 30 more outlets."
Asked how was the company will fund its expansion, he said, "we will be deploying some part of the revenues generated from our realty business for this."
Currently, the Group's realty business accounts for nearly 75 per cent of its revenues, followed by entertainment (15 per cent) and the rest from the remaining verticals.