Ascott unit buys 40% stake in India
Ascott Group Ltd, the biggest serviced-apartment operator in Asia and Europe, said its Mauritius unit agreed to jointly develop apartments in India with Rattha Holding Co.
By Agencies |
SINGAPORE: Ascott Group Ltd, the biggest serviced-apartment operator in Asia and Europe, said its Mauritius unit agreed to jointly develop apartments in India with Rattha Holding Co.
The joint-venture agreement is the fourth between Ascott Mauritius Co. and Rattha Holding, Ascott Group said in a statement to the Singapore Exchange.
Ascott Mauritius will pay 408 million rupees ($10 million) for a 40 percent stake in the joint venture company, Ascott said.
Singapore-based Ascott has more than 19,000 units in Asia, Europe and the Gulf region under its Ascott, Somerset and Citadines brands, and aims to increase revenue by expanding the number to 25,000 by 2010, especially in emerging markets. The company said earlier that it aims to boost the number of its serviced-apartment units in China to 10,000 and to 2,000 in India by 2010.
The joint-venture agreement is the fourth between Ascott Mauritius Co. and Rattha Holding, Ascott Group said in a statement to the Singapore Exchange.
Ascott Mauritius will pay 408 million rupees ($10 million) for a 40 percent stake in the joint venture company, Ascott said.
Singapore-based Ascott has more than 19,000 units in Asia, Europe and the Gulf region under its Ascott, Somerset and Citadines brands, and aims to increase revenue by expanding the number to 25,000 by 2010, especially in emerging markets. The company said earlier that it aims to boost the number of its serviced-apartment units in China to 10,000 and to 2,000 in India by 2010.
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