Hotel Leelaventure, the parent company of one of India's leading hotel chains - Leela Palaces, Hotels and Resorts is getting private equity investment from a US-based private equity (PE)to the tune of Rs 5,000 crore.The PE firm is most likely to be Blackstone.
Chairman of the Leela Group, Capt C P Krishnan Nair confirmed the investment but he declined to divulge the name of the PE firm or state how much equity dilution had taken place.
Leela also has plans to diversify into an altogether untapped market - religious destinations, in which the organised sector constitutes only 10%."We will launch a second chain of 5-star luxury hotels called Leela Gardens, which would come up in religious/devotional cities," said Capt Nair.
Read more in The Times of India article.
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