Financial Daily from THE HINDU group of publications
Saturday, Aug 27, 2005
Financial Daily from THE HINDU group of publications Saturday, Aug 27, 2005 |
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Corporate
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Alliances & Joint Ventures Aitken Spence of Sri Lanka to start operations in India Sankar Radhakrishnan
Thiruvananthapuram , Aug. 26 THE hotels division of Sri Lankan conglomerate, Aitken Spence and Company Ltd, is set to start operations in India. Aitken Spence is entering into a partnership with Kerala-based hotel company Floatels India Pvt Ltd and Malaysia's Westport to develop a resort near Kochi in Kerala, said a hotel industry executive. The three companies are believed to have signed a memorandum of understanding for the purpose. According to the MoU, the three companies will have an equal stake in the venture. The resort, which has not yet been named, will have around 50 rooms, and will be managed and marketed by Aitken Spence. The resort will be the first Aitken Spence hotel in India and is expected to be ready to receive its first guests by 2007. The total investment in the project is expected to be around Rs 30 crore, the executive said. According to industry sources, Aitken Spence is very keen on starting more hotels in India. The Colombo-based company has interests in tourism, logistics, power generation, infrastructure development and plantations.
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