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Mumbai May 28 GL Hotels, of Gaylord's and Kwality restaurant fame and also a BSE listed company, announced its expansion plan involving a capex investment of around Rs 600 crore in the first phase, over the next three years, a press release said.

The investments would be utilised for its entry into boutique hotels and premium banqueting in India.

The first phase would be funded through issue of warrants to Dunearn Investments (Mauritius) Pte Ltd raising Rs 210 crore over the next 18 months.

An additional Rs 400 crore would be funded through debt and internal accruals, the release said. Dunearn Investments is a wholly-owned subsidiary of an Asian investment firm Temasek Holdings (Private) Ltd, headquartered in Singapore.

More Stories on : New Projects | Hotels | Maharashtra

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