Sahil Group to build hotels, plans IPO

City-based Sahil Group, engaged in construction, hospitality and ITes business is planning to build a 25-room hotel at Balewadi on Pune's outskirts.

The hotel will be set up by group company Sahil Resorts, Agrifields and Farms, Vinay Phadnis, Chairman and Managing Director, Sahil Group said. Phadnis said the company has already acquired land for setting up this 250 rooms five star hotel at Balewadi.

"It will be a business hotel with a spa and the estimated project cost of the hotel would be close to Rs 300 crore, Phadnis informed. The hotel would be managed by one of the best international chain of hotels, he added.

Phadnis said the group has ambitious plans to expand its presence in the hospitality sector and may go public to fund its projects. "As part of our expansion plans in the hospitality sector, we intend to set up five-star business hotels in Navi Mumbai, New Delhi and Goa, apart from Pune. To fund this expansion we would be going public soon via the initial public offering (IPO) route," Phadnis said.

He informed that the company has already garnered investment from EXIM bank in the form of debentures.

Sahil has already set up a three-star category resort and spa at Lonavala and has tied up with Sarovar Hotels to run it.

Construction work for Asia's largest Spa to be set up by Sahil in association with Radisson Hotels & Resorts and Mandara Spa at Alibaug is in the last phases of completion, Phadnis said.