NEW DELHI, Apr 28: Diversified firm Dharampal Satyapal Group (DS Group) plans to invest Rs 875 crore to come up with five properties in the next three years as it aims to expand its hospitality business across the country.
The Noida-based firm, which currently has one five-star property ‘Manu Maharani’ at Nainital, has already invested around Rs 375 crore on the upcoming five properties.
“The total investment marked for the five properties is Rs 875 crore. We have already invested around Rs 375 crore and the remaining will be invested over the next few years,” DS Group Vice-Chairman Rajiv Kumar told PTI.
As part of the investment plan, the company is coming up with five star as well as budget properties at Guwahati, Jaipur, Kolkata, and a resort in the vicinity of Jim Corbett National Park in Uttarakhand, he added.
While the properties at Jaipur and Kolkata would be five- star, the other properties including the ones in Kolkata and Guwahati would cater to budget travellers, Kumar said.
“We expect that all the five properties would become functional in the next three years,” he said, adding, the company has raised the investment capital through internal accruals.
The five hotels would add 874 rooms to the already functional 67 rooms of Manu Maharani.
The company also plans to ink management pacts with leading hotel brands, on completion of the project, to run the five properties.
The DS Group, well known for its consumer goods brands like Catch and Pass Pass, posted revenues of Rs 2,400 crore in 2012. It has presence in various verticals, including FMCG, hospitality, tobacco, packaging and infrastructure. (PTI)
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