BUSINESS
Neesa Leisure Ltd (NLL), backed by Axis Private Equity, has planned a capital expenditure (capex) of over Rs 150 crore on its ongoing and new hotel developments in the country.
Neesa Leisure Ltd (NLL), backed by Axis Private Equity, has planned a capital expenditure (capex) of over Rs 150 crore on its ongoing and new hotel developments in the country.
The Ahmedabad-based company, which undertakes hotel development, management, timeshare and hospitality education under the brand ‘Cambay’, has a portfolio of 10 hotels and resorts in Tier-II cities with an inventory of 750 guest rooms overall.
Sanjay Gupta, chairman, Neesa Leisure, told DNA the last 12-18 months have been really good for the company.
“We have registered 100% growth in terms of hotel room inventory during that phase. And between our ongoing and new developments in this fiscal, we should be adding close to 250-keys investing Rs 150 to Rs 200 crore,” he said.
So far, NLL has invested around Rs 600 crore and has a debt-equity ratio of 1.5:1.
Asked how the company planned to fund the capex, Gupta said it would be exploring various options but gave no details.
Industry sources, however, said NLL was likely to go for a second round of fundraising. “The company is aggressively beefing up its hotels/ resorts portfolio and is targeting an overall inventory of around 1,200 guest rooms. The expansion will be met through another round of fundraising of over Rs 150 crore or so,” a source said.
In June 2008, Axis PE had invested Rs 75 crore in NLL.
Incidentally, Axis PE itself is undergoing restructuring as parent Axis Bank does not wish to associate itself with the private equity business.
Speculation is rife that the existing management team lead by the fund’s MD & CEO Alok Gupta would buy out the limited partnership. A host of PE firms are said to have expressed their keenness to acquire the PE firm.
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