The industry has pinned hopes on the finance minister making sector-specific tweaks to allow hospitality establishments to benefit from loan restructuring.
"The board of directors of the company today has approved in-principle the hiving off of Hospitality business into a wholly owned subsidiary," says the Bangalore-based real estate company in its filing.
In an interview to CNBC-TV18 Suresh Kris, CFO, Brigade Enterprise said that they have managed to maintain EBITDA at 30 per cent in Q3.
Post the slowdown in 2008, several real estate developers were forced to put their hospitality business plans on hold. However, a revival at least as far as Bangalore is concerned seems to be on the cards, reports CNBC-TV18’s Sunanda Jayaseelan.