By 28 April, 2011

Bangalore-based Nadathur Group has ventured into the hospitality business. The group, founded by former Infosys Technologies co-founder NS Raghavan, has entered into a joint venture agreement with Singapore based Sunshine Travels & Tours Ltd, a subsidiary of Sunshine Holdings PLC, to float a new hospitality company, SilverNeedle Hospitality Singapore. This joint venture is expected to invest approximately $50 million in a phased manner to develop, acquire and manage hotel assets in different parts of Singapore, according to a statement.

According to the company's website, Sunshine Travels & Tours Ltd  was founded in 2002 providing leisure and corporate travel services solutions. Sunshine Holdings PLC is a diversified conglomerate with interests in healthcare, plantations, FMCG, packaging, tourism, telecom and power. The group, with revenue exceeding $100 million, is listed on the Colombo Stock Exchange.

SilverNeedle Hospitality intends to be an integrated Asian hospitality company and will make investments across the hospitality sector. The entity will develop several of its own signature hotels and resorts, and will manage three, four and five star properties across Asia-Pacific. SilverNeedle plans to have over 10,000 rooms in its network, available across Asia-Pacific in five years, the statement said.

O3 Capital were the exclusive advisors to the transaction.

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