Newstrack

SRS Group plans 10 hotels

Dinkar Farwaha - Faridabad

Faridabad-based SRS Group, which has presence in the real estate, retail, restaurant and entertainment sectors, has announced plans to develop ten premium hotels in the country in the next four to five years under the SRS Hotels brand.

The first property will be in Faridabad (Haryana), which will open in 2010. "It will be a premium property developed on 15 acres of land. It will have 550 rooms and a helipad," said Anil Jindal, its chairman. SRS Hotels will manage the property as well. The company, according to Jindal, is investing Rs 800 crore to develop this property and is considering raising capital through an IPO in the next couple of months. "We have plans of going public by the next fiscal year," informed Jindal. Post the IPO, it will utilise the capital to acquire land in emerging tier II cities for hotel development. "We will also look at mixed-use developments in cities and develop a hotel and a shopping mall on a single plot of land." The company also has presence in the restaurant sector. It owns the chain SRS 7Dayz in the QSR segment. Currently, it operates eight of these in the NCR. "We plan to open 20 more across the northern, western and eastern regions before the end of the current financial year," informed Jindal, adding, "We will also launch a new brand of fast food outlets and take-away counters soon."