Toshali Resorts to Invest Rs.115 Cr on New Projects in 3 years

Gurgaon , Haryana India (PressExposure) December 15, 2011 -- Hospitality company Toshali Resorts International will invest over Rs.115 crore in the next three years in new projects and may sell about 20 per cent stake to raise funds to finance the expansion.

Delhi based Toshali Resorts, a part of TK international that operates three resorts-one each in Goa, Puri and Shimla- will soon start construction of 199-room hotel property in Bhubaneswar, Orissa.

"We have a Rs.100 crore hotel project coming up in Bhubaneswar and have also taken long lease for four properties of the Orissa government in the Buddhist Circuit which will be operated by us with an investment of around Rs. 15 crore," Toshali Resorts International Director Marketing Harihar Patra told PTI.

Asked about the financing plans for the projects, he said the company is considering equity dilution of up to 20 per cent to raise the funds required for expansion.

"We may also look a other ways of raising funds such as bank loans and commercial borrowings," Patra added.

The company's current annual turnover is Rs.22 crore and is expected to grow around 30-35 percent annually once the new projects are operational, he added.

The new hotel project in Bhubaneswar is likely to start in the next couple of months and will take three years to get completed.

We have our cooperative customer service cell that is ready to answer any of your queries related to the holiday packages in India. Finding easy and perfect travel solutions to the society for the past 20 years, Toshali Holidays has gained a good reputation among the travelers. We have especially designed itineraries for you that can be selected at any time as soon as you plan to go for trips to various destinations. We provide you with instant bookings related to different holiday packages in Indiaand our 24*7 service is of the kinds that would result in gaining your unwavering trust for our group.

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Press Release Submitted On: December 15, 2011 at 1:11 am
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