NEWS| IHC to raise Rs 1,000 cr for expansion

London-listed hospitality and leisure company India Hospitality Corporation (IHC) will set up a new hotel in Bangalore next year, and is close to raising funds worth Rs 1,000 crore for expansion of its hotel business.

"In the next 12-18 months, we will be focusing on expanding our hotel business in tier II cities. We will be opening a new hotel in Bangalore by July 2010," IHC Managing Director Ravi Deol said.

The company is also readying a Rs 1,000-crore property fund for expanding its hotel business in the country. The firm has already invested Rs 200 crore in the hotel business through its wholly-owned subsidiary Gordon House Estates.


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