Tea planter Rossell India Ltd has divested its minority stake in three Lemon Tree Hotels properties at a profit of nearly Rs 14 crore. This stake sale propelled Rossell India into profitability in Q1 of FY13. It reported a net profit of Rs 13 crore for the April-June (2012) quarter, compared with Rs three crore in the corresponding previous quarter,
according to a Hindu Business Line report. In January-March 2012 it had reported around Rs six crore net loss. Rossell India had investments of Rs 30 crore in Lemon Tree’s ‘Lemon Tree Vembanad Lake Resort’ at Alleppey, Kerala and its upcoming hotels in Delhi and Bengaluru, as per the report. "As we plan to have our own hospitality chain we moved out of Lemon Tree," said N K Khurana, Vice-President (Finance), Lemon Tree Hotels.
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according to a Hindu Business Line report. In January-March 2012 it had reported around Rs six crore net loss. Rossell India had investments of Rs 30 crore in Lemon Tree’s ‘Lemon Tree Vembanad Lake Resort’ at Alleppey, Kerala and its upcoming hotels in Delhi and Bengaluru, as per the report. "As we plan to have our own hospitality chain we moved out of Lemon Tree," said N K Khurana, Vice-President (Finance), Lemon Tree Hotels.
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