Financial Daily from THE HINDU group of publications
Saturday, Oct 01, 2005
Financial Daily from THE HINDU group of publications Saturday, Oct 01, 2005 |
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Announcements Royal Orchid to set up hotel in Hyderabad Our Bureau
Bangalore , Sept. 30 THE Bangalore-based Royal Orchid group has announced its foray into Hyderabad where it plans to set up a 72-room business hotel. It has set up Royal Orchid Hyderabad Pvt. Ltd, a subsidiary, to run this hotel. The hotel is expected to commence operation in October next. This is part of the company's strategy to extend its brand beyond Bangalore. The Royal Orchid Group, which has re-branded its existing properties in the city, has also announced the acquisition of 51 per cent of the equity shares in Maruti Comforts and Inns Private Ltd, the owners of the Dominion Club, a luxury resort located on the Bellary-Yelahanka Road connecting the proposed International Airport. The Chairman and Managing Director of the Royal Orchid group, Mr Chander Baljee, said the group has also earmarked a sum of Rs 10-crore for the renovation of its three existing hotels in Bangalore — the five-star Hotel Royal Orchid, the four-star Royal Orchid Central and the three-star Royal Orchid Harsha. The group is at present in the midst of finalising its Rs 100-crore public issue slated for mid-November. The company will be filing its prospectus with SEBI by the first week of October.
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