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HYDERABAD: Tourism Finance Corporation of India has sanctioned a long-term working capital of Rs 7 crore to Viceroy Hotels Ltd (VHL), the city-based hospitality major.

At a meeting here on Friday, the VHL board authorised its Managing Director, Mr P. Prabhakar Reddy, to sign the loan agreements and other documents in connection therewith.

The company informed the stock exchanges that its US-based wholly owned subsidiary company, Mayuri India Cuisine Inc, located at Dallas, is starting another restaurant and the parent company (VHL) is not participating in the further issue of capital to meet the capital expenditure of the second restaurant.

According t the company, an NRI has shown interest to invest in the further issue of capital. As a result of this, Mayuri India Cuisine Inc would lose its status as VHL's wholly owned subsidiary.

(This article was published in the Business Line print edition dated February 26, 2005)
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