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| KBJ Group in massive expansion mode |
| Announcement / Corporate Feb 17, 2010, 19:05 IST |
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Mumbai-based KBJ Group that has been in the jewellery business since three generations has today announced that is now entering the hospitality industry through its hospitality arm KBJ Hotels Ltd. It will do so through two modes: hotel development and management contracts.
It will develop five star category hotels in tier 1 and tier 2 cities of India. The first one, which will be its flagship property, will come up in Varanasi followed by Goa, Bodhgaya, Kushinagar and Khajuraho. This is just the first phase of expansion planned by the company that will see an investment of Rs 500 crore. While the hotels in Varanasi and Goa will be 5-star properties, the other three will be in the 3-star category.
The MD of KBJ Group, Mr Mohit Kamboj, said, “Our vision is to develop various types of tourism such as Buddhism, religious and adventure tourism. We believe that the 2- and 3-tier cities in the country lack adequate hotel amenities for overnight travellers. Moreover, the local population consists of affluent businessmen and executives who have the money to spend but do not have access to quality F&B outlets and fine-dining options for leisure or business. We have traditionally been a jewellery manufacturing and trading group and this is a strategic step taken by the group keeping in mind its ambitious goals for the future.”
Each hotel will have a unique design and elevation that will become a landmark of that particular city and the preferred destination choice for the traveller. Its unmatched products and services will be priced competitively and will be more than value for money for the customer without compromising on the quality. The aim of KBJ Hotels Ltd is to be among the top five destination hotel brands in the country in the next five years in the tier 2 and tier 3 cities of India.
The CEO of KBJ Hotels Ltd, Mr Joseph D’Couto, said, “These five hotels are expected to be operational by fourth quarter of 2011 and will house around 469 rooms in total. In the second phase, it will develop more properties in bigger cities. This development is expected to begin by beginning 2011. The estimated cost of each property will range between Rs 40 crore and Rs 100 crore, depending on the location and hotel plan.”
All the properties will be managed by Absolute KBJ Hotel Services India Pvt Ltd – a joint venture between KBJ Group, Thailand-based Absolute Hotel Services, and National Capital Management Pvt Ltd.
KBJ Group has recorded a combined turnover of Rs 1,000 crore in the gold jewellery and bullion industry in the current FY and aims to double its turnover in FY 10-11. Along with the launch of hotels, KBJ Group is also planning to diversify in the restaurant business by launching a premium F&B chain – ‘V Restaurant & Bar’. The USP of this brand will be pure vegetarian and Jain food, which is fast becoming a fad across the world. The chain will make its presence in cities in India, Thailand, Indonesia, Vietnam and Sri Lanka.
About KBJ Group Ltd:
The KBJ Group is a family-owned company built by three generations of the Kamboj family over a period of more than five decades in the gold jewellery business. The heir of the family and present promoter of the KBJ Group, Mr Mohit Kamboj, has now diversified into real estate, aviation and hospitality under the banner of KBJ Group, apart from expanding the family business.
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