Muthoot Group to construct five-star hotel at Kochi

KOCHI: Kerala-based Muthoot Group proposes to set up a Rs 150 crore five-star hotel in Kochi, Kerala's commercial hub.

The construction work for the hotel, that will have 300- plus rooms, will begin next year, group's Managing Director George Alexander Muthoot told reporters here on Friday night.

The Muthoot group was one among the few to identify the vast potential offered by the hospitality and tourism industry of Kerala, he said. Muthoot Cardamom County, a four star classified resort, in Thekkady is a well-known tourism spot in the state.

The Group, which has launched a new company called Muthoot Wealth Management Services Pvt Ltd, would have 50 independent offices by the end of this fiscal. Already 25 offices have been opened.

It would be catering to investors by giving advice on sectors such as life insurance, non life insurance, Mutual Funds, share trading and gold investment. It has tie-up with several insurance companies, Mutual Funds and share trading companies.

The Rs 7000-crore group has presence in varied sectors such as banking and finance, real estate, agriculture, horticulture and plantations industry, hotels, IT, Health care services, Non-conventional energy.

"We are also in the process of reaching out to new areas and segments by adding more value added services and products," Muthoot said.

The Muthoot Finance, the non banking financial company, was also keen on launching its credit card for which it was awaiting RBI clearance, K Padmakumar, one of the Directors of the company said. NBFC is prevented from issuing credit cards at present, he said.