Dawnay Day Hotels scouts for local partners, PE investors
UK-based Dawnay Day Hotels plans to invest 1.2 billion dollars (about Rs 4,800 crore) in India to set up four-star hotels. Business week in pics I CEOtoons
By PTI |
NEW DELHI: UK-based Dawnay Day Hotels, which plans to invest 1.2 billion dollars (about Rs 4,800 crore) in India to set up four-star hotels, is scouting for local partners and private equity investors to expand its footprint.
The company operates here through a wholly-owned unit Dawnay Day Hotels India Ltd and plans to initially invest 200 million dollars (about Rs 800 crore) in the first phase to set up 10 properties in metropolitan towns by 2010.
While the first phase of expansion would be funded by the parent company, Dawnay Day India would raise the remaining one billion dollars locally for investments to be made till 2016.
"Our initial investment of 200 million dollar would come from the UK-based parent but we plan to raise the remaining one billion dollars of planned investment locally. We are looking at all options including PE investments, local partners and even an IPO beyond 2010," Dawnay Day Hotels India managing director Mandeep Lamba told PTI.
He said a part of the investments beyond 2010 would also be met through internal accruals.
Dawnay Day India has acquired land in Pune, Ahmedabad, Jaipur, Lucknow, Bangalore and Hyderabad and is looking forward to sign deals for Chennai, Bhubaneswar, Chandigarh, Coimbatore, Mumbai and Kolkata also.
The company's first property is expected to come up in Jaipur by the third quarter of the next calendar year. It would also set up service apartments in Pune and Hyderabad.
The company operates here through a wholly-owned unit Dawnay Day Hotels India Ltd and plans to initially invest 200 million dollars (about Rs 800 crore) in the first phase to set up 10 properties in metropolitan towns by 2010.
While the first phase of expansion would be funded by the parent company, Dawnay Day India would raise the remaining one billion dollars locally for investments to be made till 2016.
"Our initial investment of 200 million dollar would come from the UK-based parent but we plan to raise the remaining one billion dollars of planned investment locally. We are looking at all options including PE investments, local partners and even an IPO beyond 2010," Dawnay Day Hotels India managing director Mandeep Lamba told PTI.
He said a part of the investments beyond 2010 would also be met through internal accruals.
Dawnay Day India has acquired land in Pune, Ahmedabad, Jaipur, Lucknow, Bangalore and Hyderabad and is looking forward to sign deals for Chennai, Bhubaneswar, Chandigarh, Coimbatore, Mumbai and Kolkata also.
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The company's first property is expected to come up in Jaipur by the third quarter of the next calendar year. It would also set up service apartments in Pune and Hyderabad.
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