Puravankara to focus on hotel biz
Puravankara to focus on hotel biz Bangalore based Puravankara is focusing on its hotel business and feels that hospitality is where it sees big growth, reports NDTV. >Puravankara has drawn extensive expansion plans across some key cities in south India and will invest a fair amount of its funds into these areas. The company is planning to set up a SPV for its hotels business, and is in advanced talks with a global PE fund to divest between 20-30% of its stake. Puravankara will invest between Rs 5- 10 billion over the next three years. Cochin will be the first stop with a super luxury hotel, followed by Bangalore, Hyderabad, Coimbatore and Mysore. The company is also in talks with global hospitality majors including Four Seasons, the Ritz Carlton, Oberoi and the Hilton group to manage its properties.
Shares of the company gained Rs 14.85, or 3.93%, to end at Rs 392.45. The total volume of shares traded was 777,896 at the BSE (Tuesday).
