The Bangalore based Brigade Enterprises is likely to mop up funds worth Rs 900 crore through the private equity route to expand its hospitality business as well as to develop a 120 acre township in Bangalore.
The company has reportedly roped in J P Morgan to raise the funds at SPV levels. The company is expected to raise the proposed funds by the end of this fiscal.
Besides, Brigade is planning to build a total of 1,000 hotel rooms across Bangalore and Mysore in Karnataka, Kochi in Kerala in addition to a few cities under its hospitality subsidiary.
In April 2009, the company has commenced operations at its four-star 126-keys Mercure Homestead Residences in Bangalore which is by Accor Group. It signed an MoU with Minor Group, Thailand to manage the proposed luxury resort in Kerala. Besides, another hospitality project for the Sheraton Group in Bangalore is underway and is expected to commence operations in 2010.
Source : ProjectsToday
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