Panoramic eyeing PE funding to fuel pan-India expansion
With a view to have a pan-India footprint, hospitality major Panoramic Universal
is planning to develop two exclusive properties in Hyderabad and Jaipur and is
in talks with private equity players for raising Rs 50 crore.
“We
plan to raise Rs 50 crore and are in talks with private equity players and
institutional investors. The deal should be sealed soon,” Panoramic Universal's
Senior Vice President (Finance & Operations) Utpal Parekh told PTI
here.
Initial discussions with several investors have already been
done, he said, adding, “We will dilute at the right
valuation.”
Panoramic Universal has adopted the inorganic route for
expansion and recently acquired three hotels in the country taking its total
chain to 11 across India, US and New Zealand.
The company acquired a
controlling stake of a semi-finished hotel in Hyderabad called Sri Vatsa Hotels
for Rs 20 crore last year. It intends to convert this property into a 90-room
four star hotel.
It also acquired a property in Jaipur for Rs 18
crore. Panoramic Universal intends to set up a multi-use hospitality project
with a 83-room three-star hotel and a commercial complex spread over 30,000 sq
ft on the property.
The company is also intending to take over the
management control of an “only suite hotel” in Thane. Source: Economic Times
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