According to a report in the Mint, Param Kannampilly, Managing Director of Concept Hospitality Ltd, who owns 40 per cent stake in the company, is in talks to buy the remaining.
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Concept Hospitality is a unit of Kamat Hotels India Ltd. Kannampilly, who co─founded the firm with Kamat group Chairman and Managing Director Vithal Kamat and Ramesh Shanbhag a decade ago, will pick up the stake for Rs 6 Crore.
In December 2007, Kamat Hotels bought 60 per cent stake in Concept Hospitality for an undisclosed sum. The deal is expected to be closed by the end of March. Kannampilly said that he has plans to divest part of his stake later to a partner.
from HospitalityBizIndia.com