Dec 28, 2016, 08.13 PM | Source: PTI
Gurgaon-based realty firm Vatika group has raised Rs 495 crore from Axis Bank to fund its hospitality business expansion plans.
The group last week raised over Rs 1,100 crore for development of its real estate projects.
Vatika group has one hotel 'The Westin Gurgaon' comprising 313 keys and a Westin Hotel & Resorts, having 110 villas, at Sohna in Gurgaon.
"We have chalked out an aggressive expansion plan for hospitality business. So we have raised Rs 495 crore from Axis Bank in form of debt," Vatika Hotels Managing Director Gaurav Bhalla told PTI.
The company will develop one more tower, consisting of 250-300 rooms, at its existing hotel project in Gurgaon, he said.
Similarly, Bhalla said, the company would develop 50 more villas in its resort project at Sohna.
Stating that the capacity of business centres would also be expanded, he said: "We will add 2,000 more seats in the business centre vertical during 2017 to the current 5,000 work terminals." The company also intends to expand its restaurant business 'Nukkadwala' in the domestic as well international markets like London and New York.
Vatika Hotel is a Rs 2,000 crore company with a debt of around Rs 550 crore, Bhalla said.
Vatika group has recently secured Rs 700 crore funding from Altico Capital and another Rs 425 crore from Piramal group, Bhalla said, adding these funds would be deployed in realty venture.
The money is being invested in a portfolio of projects with a potential of 3 million sqft in the group's flagship residential township Vatika India Next.
Spread over 623 acres in Gurgaon, Vatika India Next is an integrated township with already developed social infrastructure such as school, retail space and hospital. Over 3,000 families are residing in the township in over 5,000 homes.
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