| US company to invest $6 bn for hotels in India | |||||
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| PRESS TRUST OF INDIA | |||||
| Posted online: Thursday, April 12, 2007 at 1758 hours IST | |||||
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NEW DELHI, APRIL 12: US-based real estate developer Royal Indian Raj International Corporation (RIRIC) will invest 6 billion dollars in India over the next 7 years to develop hotels and residential resorts."Initially, we would develop three types of projects in India-Royal Garden City, Royal Garden Villas as well as hotels chains, for which we have planned an investment of six billion dollars," RIRIC Chief Executive Officer Manoj C Benjamin said.
According to a study, India's hotel sector is facing a shortage of 1,10,000 rooms. The government has allowed 100 per cent foreign direct investment in the hotel sector. Ravi Benjamin "Institutional investors have shown interest in funding our projects in India and we are planning an IPO in New York or London. The projects would be funded both through debt and equity," Benjamin said. RIRIC has commenced work on some of the projects. "We have acquired 3,000 acre of land for Royal Garden City in Bangalore and contracted 4,000 acre for Royal Garden Marina City and Financial Harbour in Mumbai," he said. RIRIC has completed Phase I of the Royal Garden Villas and Resorts project in Bangalore. Phase II and III would be undertaken in the third quarter of 2007. | |||||
http://www.financialexpress.com/old/latest_full_story.php?content_id=160914
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