Hilton, Ritz Carlton eyeing tie-up with Puravankara

Hilton, Ritz Carlton eyeing tie-up with Puravankara
PTI
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First Published: Tue, Sep 04 2007. 07 53 PM IST
Updated: Tue, Sep 04 2007. 07 53 PM IST
New Delhi: Top hotel chains Hilton and Four Season are believed to be in the race for tying up with Puravankara Projects Ltd for its proposed Rs 1,000-crore investment to set up half a dozen hotels in southern India.
Ritz Carlton and EIH are the other two hotel chains believed to be eyeing the business opportunities, industry sources said.
Officials of none of the four hotel chains or Puravankara could be contacted for comments on the speculation of either the investment or a possible tie up.
Bangalore-based Puravankara had recently tapped the capital market to raise Rs 858 crore through its Initial Public Offer. The IPO of Puravankara Projects was subscribed 1.91 times and shares were listed on August 29.
The company’s IPO received bids for 4.09 crore shares against 2.15 crore shares on offer. It had lowered its price band to Rs 400-450 per share in view of the volatile market conditions. The company’s share price today settled at Rs 375.40, a gain of 0.04 % over Monday’s close.
The firm is all set to foray into the international market with its first overseas project expected to be launched in the next 2-3 months in Sri Lanka. The company would develop over 100 villas in Colombo.
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First Published: Tue, Sep 04 2007. 07 53 PM IST