Bharat Hotels, responsible for the Lalit brand of hotels and resorts across India, today 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 INR2,500 crore announced earlier.
The funds are being raised through internal accruals and loans,” Suri told the Economic Times. “We might look at an Initial Public Offer (IPO). Not this year or next year, probably in 2013.”
This year the company will open hotels in Jaipur, Chennai and Kolkata, then next year there will be new properties launched in Amritsar, Dehradun and Pune. The company had earlier said it will invest INR2,500 crore by 2014 for expansion across luxury and mid-segment properties. It has earmarked INR2,000 crore for expansion of luxury hotels and INR500 crore for mid-segment hotels under the Lalit Traveller brand. The firm has plans to open a hotel in Thailand by 2014, but it has shelved plans to open a hotel in Dubai due to economic situation there.
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