Indian hotels to go ahead with Rs 500-cr investment plan

MUMBAI: Tata Group firm Indian Hotels plans to go ahead with its Rs 500-crore investment programme over the next two years despite a possible slowdown in the hospitality sector, a top company executive said on Monday.

"We had planned an aggregate investment of Rs 1,300 crore. We have spent Rs 800 crore and the rest would be invested in the next two years," Indian Hotels Managing Director Raymond N Bickson told reporters here.

The company would be opening two new hotels in Bangalore and Chennai. "Work is underway on other projects, which will sequentially come on-stream," Bickson said. The company has introduced an aggressive cost-reduction programme to protect its operating margins, he said.