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| Sahil Group offers fixed deposit schemes |
| BS Reporter / Mumbai/ Pune Sep 01, 2009, 01:20 IST |
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Real estate developer and hospitality services provider Sahil Group has announced two fixed deposit schemes for general investors. The scheme, spanning over a period between one year and three years, would pay interest at 11 per cent to 12.5 per cent per annum, a press release issued by the Sahil Group stated.
The Rs 200-crore-group has a number of real estate and hospitality projects under its belt. The group is now exploring opportunities in infrastructure segment, for which it needs capital, the release stateds.
The Pune-based Sahil Group operates a three-star resort called Sahil Sarovar Portico under a management contract with Mumbai-based Sarovar Hotels and Resorts in Lonavla. It also owns a five-star in Alibaug with a strategic tie-up with Radisson Resort and Spa.
The group recently acquired an eleven-acre plot to develop a residential mega-township at Balewadi in Pune. This project is being developed in association with Matoshri Infrastructure Ltd and HDFC Bank. The group is also setting up a five-star hotel for Radisson Resort in Pune city.
“We plan to draw investment from people for our ambitious projects. While fixed deposit scheme will pay interest up to 12.5 per cent, the cumulative deposit scheme will pay interest rate up to 14.88 per cent,” said Sahil Group chairman and managing director Vinay Phadnis. Shareholders and senior citizens will draw and additional interest rate of 0.25 per cent in this scheme, he added.
The company did not disclose the estimated capital it plans to generate through this scheme.
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