The Bhatias of IndiGo Airline have emerged as top bidders for Novotel Hyderabad Airport, a GMR group hotel, in a deal worth Rs 300 crore ($48 million). Initially, over a dozen parties, including PE biggies, had shown interest in the 305-room property located at the Rajiv Gandhi International Airport. The list has now been cropped to two. The sale process, managed by hospitality consultancy HVS, has now entered the final stages, said a person briefed on the matter. If things go well, the deal will mark the Bhatias' first hospitality sector acquisition, with Novotel Hyderabad expanding their portfolio. It is not clear whether the Bhatias will use InterGlobe Hotels or their hotel-focused PE fund (a three-way partnership between InterGlobe, Accor and Pacifica Partners) as the vehicle for the acquisition. (The Times of India)
IREDA seeks Sebi's nod to raise up to Rs 1,000 cr: State-owned Indian Renewable Energy Development Agency (IREDA) has sought approval from the Securities and Exchange Board of India (Sebi) to raise up to Rs 1,000 crore ($162 million) through tax-free bonds. The company said the bonds would be issued in one or more tranches. The proceeds of the issue would be utilised towards financing renewable energy and energy efficiency projects and augmenting resources. ()
Courtesy: VCCEdge
