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Viceroy Hotels (VHL) today said its' board has approved hiving off its Chennai project into a separate company, a move that will cut debt on its balance sheet.
In a filing to the Bombay Stock Exchange, VHL said its board has "approved to hive-off the 'Chennai Project Division' comprising Chennai Hotel Project' and 'Chennai Residential Project."
Earlier, the company had said that hiving off of the Chennai project division will help reduce debt from the books of VHL. The company is building a luxury hotel property in Chennai, which has a total debt of around Rs 450 crore.
The Chennai property would have a total of 387 rooms.
Construction started in 2005 at an initial cost of Rs 490 crore, which was later revised to Rs 560 crore.
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