Bharat Hotels may consider IPO in 2013

Bharat Hotels may consider IPO in 2013

New Delhi: Bharat Hotels that runs the Lalit brand of hotels and resorts across India, on Monday said it might make a public offer in the next two years to raise funds for future expansion.

The company headed by Jyotsna Suri is currently expanding its presence across India and overseas markets such as Dubai and Thailand through internal accruals and bank loans.

“We are on track with our expansion plans of about Rs2,500 crore announced earlier. The funds are being raised through internal accruals and loans," Suri, who is the chairperson and managing director of the firm said.

Asked if the company was planning a public listing, she said: “We might look at an Initial Public Offer (IPO). Not this year or next year, probably in 2013."

The company wills operationalise three hotels, one each in Jaipur, Chennai and Kolkata in 2011.

“Next year there will be new properties launched in Amritsar, Dehradun and Pune," Suri added.

The company had earlier said it will invest 2,500 crore by 2014 for expansion across luxury and mid-segment properties.

It has earmarked 2,000 crore for expansion of luxury hotels and 500 crore for mid-segment hotels under the Lalit Traveller brand.

The firm has plans to open a hotel in Thailand by 2014, while it has put on hold plans to open a hotel in Dubai due to economic situation there.

Bharat Hotels Ltd currently has under its umbrella eight operational hotels, apart from the nine upcoming hotels.