Unison Hotels in Rs 3,000 cr spread

NEW DELHI: Unison Hotels Ltd is considering an initial public offer or issue of shares to a foreign private equity partner this fiscal to fund a Rs 3,000 crore expansion plan, a top official said.

The plan, to be spread over four years, would involve setting up hotels in India's high technology cities, managing director Umesh Saraf said. "An IPO also seems like a good route to raise money. We are also open to an offer of foreign equity," said Saraf.

Unison's revenue stood at Rs 110 crore and net profit reached Rs 35 crore in the year to March.  Saraf, whose family owns Unison and also has a 16% holding in  Asian Hotels Ltd, said he expected the hotel industry in India to grow by about 15% each year.