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A new JV company takes on hospitality ventures

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A Joint Venture company promoted by Chennai based Rajathi Group – Haneda Rajathi and Malaysia based Haneda Trading Construction Sdn Shd has plans to step into hotel industry. At present, company is planning to set up 15 new hotels across Tamil Nadu with an investment of Rs. 600 Crores. These new hotels will either come under the budget or 3-star class based on the locality and needs.
Chief Executive Officer of Rajathi Group of Companies said to www.propertykhazana.com that, “Venture will be financed through PE of about Rs. 200 Crores and the remaining funds will be the debt account. The first phase will be ready within few months and the total venture by 2015.”
He also said that, “Rajathi Group has plans to join hands with an international hospitality chain for this venture. This JV Company was started previous year with 50% equity from Haneda and 50% from Rajathi. This JV is relevant for entire ventures which will be undertaken with the country and overseas.” Company had occupied ventures in Sholinganallur near Chennai for a Chennai based private realty group and Haneda Rajathi will occupy the constructed and relocating model in all these ventures. For more updates on real estate market browse www.propertykhazana.com.
Source: NBTVLIVE

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