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UNITING THE WORLD OF FITNESS
Health Club Management

Health Club Management

News

Plans for US$100m tourism fund

The Tourism Finance Corporation of India (TFCI) is reportedly to establish a US$100m (67.5m euro, GBP48.6m) private equity fund to buy stakes in hotels and resorts catering to domestic Indian travellers.

According to Bloomberg, the TFCI – which part-funded the Indian destination spa Ananda –in the Himalayas – is to raise its fund money from banks and high-net-worth individuals.

Speaking to Bloomberg, chair and managing director Archana Capoor said that TFCI also plans to sell new shares to select investors to more than double its equity capital. Capoor claimed the future growth of the Indian hospitality industry would be focused on smaller towns rather than the big cities.

Over the past decade, India’s middle class – estimated currently at around 50 million people by McKinsey & Co – has doubled, spurring demand for both hotels and resorts.

Tourism Finance will reportedly invest as much as 500m rupees (US$13m, GBP6.3m, 8.7m euro) in the fund.

TFCI was established in 1989 by IFCI, an India-based, state-run lender. According to data compiled by Bloomberg, the company had a total of 663.14m rupees in cash and short-term investments as of 31 March 2007.

The Tourism Finance Corporation of India (TFCI) is reportedly to establish a US$100m (67.5m euro, GBP48.6m) private equity fund to buy stakes in hotels and resorts catering to domestic Indian travellers.
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News

Plans for US$100m tourism fund

The Tourism Finance Corporation of India (TFCI) is reportedly to establish a US$100m (67.5m euro, GBP48.6m) private equity fund to buy stakes in hotels and resorts catering to domestic Indian travellers.

According to Bloomberg, the TFCI – which part-funded the Indian destination spa Ananda –in the Himalayas – is to raise its fund money from banks and high-net-worth individuals.

Speaking to Bloomberg, chair and managing director Archana Capoor said that TFCI also plans to sell new shares to select investors to more than double its equity capital. Capoor claimed the future growth of the Indian hospitality industry would be focused on smaller towns rather than the big cities.

Over the past decade, India’s middle class – estimated currently at around 50 million people by McKinsey & Co – has doubled, spurring demand for both hotels and resorts.

Tourism Finance will reportedly invest as much as 500m rupees (US$13m, GBP6.3m, 8.7m euro) in the fund.

TFCI was established in 1989 by IFCI, an India-based, state-run lender. According to data compiled by Bloomberg, the company had a total of 663.14m rupees in cash and short-term investments as of 31 March 2007.

The Tourism Finance Corporation of India (TFCI) is reportedly to establish a US$100m (67.5m euro, GBP48.6m) private equity fund to buy stakes in hotels and resorts catering to domestic Indian travellers.
NULL,NULL,NULL,NULL,NULL,SAB,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,SWC
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