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Our Bureau

Bangalore , Oct. 20

WESTBRIDGE Capital Partners, the venture capital fund, has picked up nearly 10 per cent equity stake in the Royal Orchid group for Rs 25 crore.

The Royal Orchid group plans to go in for a Rs 100-crore IPO in the next couple of months and has appointed ICICI Securities and SBI Caps as merchant bankers for the projected issue. WestBridge will not exit the investment at the IPO stage but expects to be invested for the next 4-6 years, said Mr K. P. Balraj, Managing Director.

According to the Royal Orchid Group CMD, Mr C. K. Baljee, the company is looking to lease, invest or manage properties to enable faster growth in the market and would be entering into joint ventures and partnerships for that.

"There is a significant upswing in the demand for rooms in the city and across the country and we will be in the five star business hotel category," he said. The Rs 58-crore Royal Orchid group has properties in Bangalore and Mysore and plans to open hotels in Hyderabad and Pune apart from Mumbai and Delhi.

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