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K. Giriprakash

Buying land near Rishikesh to set up an Ayurvedic resort

MR S.N. LADHANI

Bangalore June 5 Mr S.N. Ladhani, Deccan Aviation promoter, plans to invest up to Rs 1,000 crore in various hospitality projects, including a resort in Rishikesh.

Mr Ladhani, who also runs a Coca-Cola bottling plant, told Business Line that he plans to invest in a series of hospitality projects across the country. "I have several interests and one of them is in the hospitality industry," Mr Ladhani said.

He said he is in the process of buying a 160-acre property on the foothills of the Himalayas near Rishikesh for setting up a world-class Ayurvedic resort. He said he will invest between Rs 500 crore and Rs 750 crore in this project. "We are not short of funds but we have looked at projects which are unique and give us a healthy rate of returns," he said.

The next in the line is a hotel in alliance with Hilton, expected to come up near the existing Bangalore airport. The project is worth Rs 200 crore and will have between 250 and 300 rooms. "This will be a budget hotel and we plan to have tariffs which will be extremely competitive," Mr Ladhani said.

Mr Ladhani is also making smaller investments in his Indus Valley resort near Mysore and about Rs 25 crore in a resort that will come up in Virar in Mumbai.

Apart from the airline and Coca-Cola bottling plants, Mr Ladhani has interests in the chemical industry as well. On the Rishikesh project, Mr Ladhani said it will have a health spa as well as cottages and conference rooms.

Mr Ladhani acted as an angel investor when Capt G.R. Gopinath wanted to start a low-cost airline, Air Deccan. "I never asked him questions after I put in my money. Whenever the board of directors wanted some more (funds), I used to readily invest more into the airline business," he said.

Last week, Mr Vijay Mallya's UB Holdings picked up 26 per cent stake in Deccan Aviation, which runs Air Deccan. Mr Ladhani and his brothers currently hold about 13.5 per cent stake in Deccan Aviation.

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