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Nitesh Estates to raise Rs495 cr for India hotel

Nitesh Estates to raise Rs495 cr for India hotel
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First Published: Fri, Dec 18 2009. 11 18 PM IST
Updated: Fri, Dec 18 2009. 11 18 PM IST
Mumbai: Nitesh Estates Ltd plans to raise as much as Rs495 crore ($106 million) selling shares in February to help build India’s first Ritz-Carlton hotel.
The company will use Rs50 crore to construct the Ritz-Carlton, a hotel brand owned by Marriott International Inc., in Bangalore, while the balance will be used to build a shopping mall, homes and pay debt, managing director Nitesh Shetty said.
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First Published: Fri, Dec 18 2009. 11 18 PM IST