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Vatika Hotels today announced it has bought back investment made by US banking group Goldman Sachs in the company for Rs 300 crore and now owns 100 per cent equity in the hospitality firm. Vatika Hotels is planning to launch an initial public offer (IPO) in the next fiscal to fund expansion in hospitality and business centre verticals, its Managing Director Gaurav Bhalla said. Vatika Hotels is a part of real estate firm Vatika group. "We have given exit to Goldman Sachs by buying back their stake for about Rs 300 crore," Bhalla told PTI. Goldman Sachs had invested around Rs 250 crore in Vatika Hotels and had around 14-15 per cent stake in the company. Vatika Hotels has two hotels in Gurgaon with 425 keys.
It also has 15 business centres with 5,000 seating capacity. Bhalla said the company is planning to launch an initial public offer in the next fiscal for business expansion. It plans to increase the capacity of Westin, Gurugram with 200 more rooms and Westin resort by 40 keys. Additionally, the IPO funds would also be used for the expansion of Vatika Business Centres and enviro-a premium facility management company. Vatika Business Centre has 15 centres spread across New Delhi, Gurgaon, Noida, Mumbai, Bengaluru, Chennai, Hyderabad and Pune. It covers over half a million sq ft area, facilitating over 5,000 seats with over 1,000 seats under development. Vatika aims to open 42 centres by the end of 2020 in India and overseas. The group also owns Nukkadwala, the newest chain of QSR (Quick Service Restaurants) with currently 10 stores in the National Capital Region and has plans to expand overseas with stores opening in Dubai, London and New York soon.
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