Chennai based-KCP Ltd is planning to invest around Rs 187 crore in its proposed diversification into hospitality sector. The company is into engineering which accounts for 36.13 per cent of the total sales, cement (61.86 per cent), power (0.14 per cent), among others ventures.
The group is planning to set up a hotel in Hyderabad at a cost of Rs 63.02 crore, excluding land. Around Rs 45 crore has already been sanctioned as term loan for the project, which would have 130 rooms.
According to a report in www.businessstandard.com, the company has tentatively agreed on preliminary terms for a management contract and operation of the hotel with a leading international hotel chain. The brand under consideration has models perceived as a business hotel in the upper middle segment with four-star category.
Bombay Stock Exchange listed KCP Ltd has registered a gross turnover of Rs 361.72 crore in 2010-11, a drop of around 12 per cent as compared to Rs 411.75 crore a year ago.
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