Comments
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.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.