Nitesh Estates to raise Rs495 cr for India hotel

Nitesh Estates to raise Rs495 cr for India hotel

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.

Close