Sahil Group, one of Pune’s leading realty companies, is considering hitting the capital markets to take the business to its next level of growth.
MUMBAI: Sahil Group, one of Pune’s leading realty companies, is considering hitting the capital markets to take the business to its next level of growth. As a first step in this direction, the promoters recently converted the erstwhile Sahil Resorts, Agrifields and Farms Pvt Ltd into a public limited company.
The company will now manage all its exiting and upcoming hotel projects under this new entity. The management will approach the bourses to raise funds to meet its expansion plans in key Indian cities.
Speaking to DNA Money, Vinay Phadnis, chairman and managing director, Sahil Group said: “We have used a mix of debt and equity to finance our current hospitality projects. However, as requirements will on a higher scale, to meet our expansion in the coming years, we will have to look at other funding options including an IPO. But I am not in a position to divulge details on the time frame for the public offer or the extent of funds to be raised.”
Company sources however, indicate that the IPO should hit the markets within a year’s time.
Making a hospitality foray two years ago, the group promoters had gone on record stating that the overall investments in their hospitality business will be to the tune of Rs 1,000 crore. So far, the group has invested around 200 crore in its existing two projects in Lonavala and Alibaug. The Lonavala property, a three-star spa property called Sahil Sarovar Portico, is being run under a management contract with Mumbai-based Sarovar Hotels & Resorts. The Alibaug property has two strategic partners - one for the hotel and another one for the spa. The hotel property will be christened Radisson Resort & Spa Alibaug.
While the hotel property will be managed by Carlson Group, one of world’s renowned hotel management companies, the spa will be managed by renowned spa company Mandara Spa.
Phadnis said, “A six acre plot has been acquired for our third project in Pune. Inviting investments to the tune of Rs 300 crore, it will be a 250-keys five-star business hotel & spa in Pune’s business destination Balewadi. This apart, we are scouting for ideal locations in Mumbai, Navi Mumbai, New Delhi and Goa.”
While the group is already understood to have signed a MoU with an international hotel chain for the Balewadi project, Phadnis refrained to divulge whether it was in association with Carlson Hotels.
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