Mumbai: Hospitality major Bharat Hotels
is mulling to raise funds through an IPO by 2012, its
chairperson and managing director Jyotsna Suri said here
today.
"We are eyeing an IPO; we are contemplating it by
2012," she told reporters, adding however that there is no
immediate fund requirements for the group.
On the reason for such a long-term plan, she said the
present environment is not conducive for an IPO. She also
refused to reveal how much money the company will be raising
through the proceeds.
The company's wholly-owned subsidiary, the Lalit Suri
Hospitality Group, which has re-christened its luxury brand
from 'Lalit Intercontinental' to 'The Lalit' a year ago, plans
to add nine hotels in this segment by 2012, she said.
"By 2012, we plan to open nine more hotels in the
luxury segment at a total investment of Rs 1,500 crore. As of
now, we have eight luxury hotels," she said.
These are located in Kolkota, Jaipur, Chandigarh,
Ahmedabad, Noida, Amritsar and Dehradun with the eighth one
The Lalit Resort and Spa was inaugurated today in Kerala, she
said.
The group also plans a foray in the mid-segment category
and proposes to develop seven properties by 2010 with a total
of 410 rooms.
"We plan to scale-up the mid-segment hotel network to
25 by 2014. The total investment will be around Rs 800-crore,"
she said. "Our development plans are always based on sound
financial planning. Our strength lies in the fact that we own,
develop and manage each of our properties, unlike other big
hotel groups," Suri added.
"The company owns properties in Dubai and Thailand as
well. But presently our focus is on India," she said.
Bureau Report
First Published: Thursday, November 19, 2009, 23:20