Kolkata-based steel manufacturing firm, SPS Group, has chalked out plans to diversify into the hospitality sector. According to a report in Hindustan Times, the company plans to invest around Rs 5,000 crore over the next four years for this venture including the development of luxury hotels.
"We will invest Rs 3,000 crore for the development of luxury hotels and the remaining Rs 2,000 crore will go into buying out shipping vessels and expansion of our logistics capability," said Bipin Kumar Vohra, Chairman and Managing Director, SPS Group.
The company is developing hotels at Kolkata, Durgapur and Silliguri in West Bengal and two at Bhubaneshwar and Jaipur. The company has tied up with JW Marriott Hotels & Resorts for the management of its hotels, Vohra said. The company is also eyeing the initial public offering route to raise funds.
http://www.hospitalitybizindia.com/detailNews.aspx?aid=11008&sid=41
"We will invest Rs 3,000 crore for the development of luxury hotels and the remaining Rs 2,000 crore will go into buying out shipping vessels and expansion of our logistics capability," said Bipin Kumar Vohra, Chairman and Managing Director, SPS Group.
The company is developing hotels at Kolkata, Durgapur and Silliguri in West Bengal and two at Bhubaneshwar and Jaipur. The company has tied up with JW Marriott Hotels & Resorts for the management of its hotels, Vohra said. The company is also eyeing the initial public offering route to raise funds.
http://www.hospitalitybizindia.com/detailNews.aspx?aid=11008&sid=41