Bangalore based Zuri Group Global proposes to pump in about Rs 1,200 crore for setting up five-star business hotels and luxury residential properties over the next three years. The investments will have a debt-equity ratio of 70:30 and the company may raise funds through the private equity and IPO routes.
According to sources, the company plans to open three to four hotels of 150-175 rooms each in Pune, Ahmedabad, Kolkata, Nagpur, Delhi (NCR) and Mysore entailing an investment of Rs 800 crore over next three years.
Zuri plans to start construction of luxury villas and apartments in Goa this year, which is expected to cost Rs 400 crore including land cost. The company has already acquired 300 acre for the project. The approvals are in place and the villas are expected to be ready in 18 months from zero date.
Plans are afoot to commence work soon for a hotel project in Kenya, most probably at Nairobi, at an investment of Rs 200 crore. The company is likely to begin construction of a five-star hotel near the Bangalore airport at Devanahalli in January 2010. Zuri had acquired six acre for the project and wants to construct a mall and an office building beside the hotel at a later stage as well.
Source : ProjectsToday
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