• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

R. Ravikumar

Chennai, June 19 Savera Industries Ltd, formerly Savera Hotels Ltd, plans to sell its Madurai property as it was found unviable to renovate it.

The board of directors of the company, in its recent meeting, decided to dispose it of “as the total renovation cost will be equivalent to construction of a new building altogether”. The company bought the 69-room property in July 2006 for around Rs 4.5 crore, and decided to renovate it. Subsequently, it renovated the restaurant and started the business. Later, it realised that the renovation cost has increased manifold and it may not be viable to continue the project.

According to sources in the company, Savera has spent over Rs 1 crore in renovating the restaurant there. Besides, the company is now on the look out for a bigger hotel in Coimbatore, “and proceeds of this sale may be utilised for that”.

The company now owns and runs a 260-room four star property at a prime locality in Chennai.

More Stories on : Restructuring | Hotels | Tamil Nadu

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
The importance of being Lipitor

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line