Bhagwati Banquets on expansion spree, to invest Rs 300cr

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Bhagwati Banquets on expansion spree, to invest Rs 300cr

Bhagwati Banquets is set to expand its footprint in India especially in tier 2 cities. For the year FY11, it will invest close to Rs 300 crore towards its expansion plans.

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Hotel chain Bhagwati Banquets is set to expand its footprint in India especially in tier 2 cities. For the year FY11, it will invest close to Rs 300 crore towards its expansion plans.

Speaking exclusively to CNBC-TV18, the Chairman and Managing Director of the company Narendra Somani said that the company was in talks with private equity players to fund part of this expansion plan.

Somani said, "Each hotel will be for Rs 150 crore. There will be two hotels, which will cost Rs 300 crore in total. It will be completed by 2012 or 2013."

Somani added that the company would fund their expansion plan through the company's internal debt. "We have Rs 150-160 crore from our own bankers. Many international bond players, many private equity, many other players have approached us, but we have not finalized," he added.