EIH Ltd to invest Rs 650 Cr for new projects in Goa, Bangalore

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Kolkata, Aug 14(UNI) Hospitality major EIH Ltd, which operates the Oberoi chain of hotels, will invest Rs 650 crore tp set up new projects in Goa and Bangalore, Chairman P R S Oberoid today said.

" We are planning to start two hotels, one each in Goa and Bangalore, for which we have already got the land. The debt-equity ratio of the projects will be 2:1," he said at the company's annual general meeting.

He said EIH would invest Rs 500 crore on the Bangalore hotel, to be built on an eight-acre plot, and the rest for the Goa project on a 50-acre plot. The approvals for both the projects were expected by October.

"In the next three and a half years, we shall see the opening of 10 hotels. We will add 2,300 rooms in India and abroad, and also add new flight kitchens in Mauritius, Kolkata, Cochin and Calicut,' he said.

EIH, which is into the business of luxury and five star hotels, operates two brand names - Oberoi Grand and Trident hotels.

" We are looking at taking the Trident brand abroad, probably to the Middle East countries," Mr Oberoi said.

UNI KDG KK DB1927

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