Saboo Sodium updates…
Saboo Sodium Chloro Ltd has informed that the Board of Directors of the Company at its meeting held on September 27, 2007, have decided to acquire 75% stake in Fortress Hotels and Resorts Pvt Ltd, a Company engaged in the hospitality business.
Presently, the Company is the largest salt refinery in north India producing all grades of salts for household and industrial use and it also manufactures all types of spices. And with an object to diversify its Activities into the Business of Hospitality, the Board has decided to acquire 75% stake in Fortress Hotels and Resorts Pvt Ltd.
Fortress Hotels and Resorts Pvt Ltd has the leasehold rights to Fort Auwa, a heritage property (located between Jodhpur and Udaipur in Rajasthan) for a period of 38 years for Rs 60,000 per year. It is constructing a premium holiday retreat targeted at foreign tourists at a cost of approx Rs 2 crores with average room rates expected at USD 250 in the peak season and USD 100 in the off-season.
