Incredible India Projects enters hospitality sector

Buys Hotel Hampshire Plaza in Hyderabad for ₹42 crore

Hyderabad, Aug 27

Residential and commercial projects developer Incredible India Projects Pvt Ltd (IIPPL) has acquired Hotel Hampshire Plaza here for ₹42 crore. \

Announcing this at a press conference on Monday, its founder-director and chief operating officer Praveen Kumar Nedugandi said the acquisition marked the entry of the 10-year-old IIPPL into the hospitality sector. “We will continue to diversify into hospitality, manufacturing and education verticals with about ₹2,000 crore investment over the next 10 years,'' he said.

IIPPL, which started its operations in 2008 with a capital of over ₹2 crore, now has a networth of ₹500 crore and recorded a turnover of ₹156 crore in the last financial year.

IIPPL is looking at 20 hospitality properties in the southern, western and north eastern markets going forward and is in talks to buy a hotel in Goa.

In manufacturing, it will take up biscuit and cake making and has already obtained a few orders. By 2019, IIPPL will also roll out schools under its arm Samatha Educational Trust, Nedugandi said.

Published on August 27, 2018

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