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News Roundup: S Chand & Co to sell Chennai hotel

02 April, 2013

Publishing company S Chand & Co is close to selling its Chennai hotel property, Atlantic Hotels, to CEEBROS Property Development for about INR 180 crore ($33 million). Both companies have been in talks for the past few months and are expected to close this transaction soon. Atlantic Hotels, on Montieth Road, is a 120-key room, non-operating , five-star property that includes 22 high-end apartments. Besides Atlantic, New Delhi-based S Chand owns three other hotel properties, Hotel Tourist Deluxe, Hotel Tourist and Iris Hometel. (The Economic Times)

IDFC-Manipal JV eyes hostel corporation Woodstock: A joint venture between Manipal Education and Medical Group and IDFC has offered to acquire Woodstock Ambience, a Bangalore-based provider of gated living for unmarried professionals and students. Manipal Servicecorp Facilities Management (MSFM) is a joint venture in which IDFC is a minority investor, with plans to develop 20,000-bed living facilities forstudents and younger professionals. Last year, IDFC Alternatives invested INR 100 crore in equity and extended INR 650 crore debt financing to MSFM, signaling the entry of serious players into this segment in India. The deal is under discussion but not finalized. (The Times Of India)

Wipro in constant discussion with firms for acquisition, deals: IT Major Wipro Ltd. is in discussions with some companies for acquisitions. In a clarification to the BSE, Wipro Ltd said that as a part of the company’s strategy the company is constantly in discussion and consultations with various parties for acquisitions, deals etc. (The Economic Times)

MakeMyTrip scouting for acquisitions: Nasdaq-listed travel site MakeMyTrip Ltd is scouting for potential acquisitions and has identified three areas for inorganic growth, even as it sees a surge in the hotel bookings business. The company is seeking to buy niche travel technology entities and specialist travel firms dedicated to certain travel segments. Gurgaon-headquartered MakeMyTrip has made five acquisitions, three overseas and two locally. In November, it bought Hotel Travel Group, which operated the website hoteltravel.com, for $25 million. The management was willing to put to use the $70 million MakeMyTrip has in cash reserves and is prepared to debt-finance a large acquisition. (Live Mint)

Shiraz woos private equity funds: Shiraz, one of the generic names in biryani in this part of the world, is now becoming the flavour of the season for foreign and domestic private equity (PE) funds. A newly formed House of Shiraz arm would become the fast food chain, which began its journey from the East to get private equity funding. House of Shiraz is also planning to set up a ‘Awadhi’, a special Indian Mughlai cuisine food chain in the US. Shiraz, a partnership firm, has floated a special purpose vehicle (SPV) called Lazeez for private equity funding and rolled out quick service restaurant called Lazeez Express and fine dining restaurant chain Lazeez under this brand. (The Times Of India)

ATS Infrastructure to invest INR 600 crore on housing project in Punjab: Realty firm ATS Infrastructure is looking to invest about INR 600 crore ($110.23 million) over the next three years to develop a group housing project in Punjab. The project ‘ATS Lifestyle’ is spread over 22 acre and is part of company’s 300-acres integrated township situated at Dera Bassi near Chandigarh. The investment would be funded through bank debts and advances from customers. (The Economic Times)

Courtesy: VCCEdge


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News Roundup: S Chand & Co to sell Chennai hotel

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