Viceroy Hotels Sells Chennai Property To Mahal Hotels
by Charmi Gutka
Viceroy Hotels Limited has sold its Chennai hotel project in MRC Nagar to Chennai based Mahal Hotels.
The deal will help to reduce the debt by R400Cr and help the company to focus on the existing projects and thereafter enable it to take up new projects. The company has been seeking to restructure its business operations bringing down debt on its balance sheet.
It had initiated a series of measures, including slump sale of Bangalore and Chennai properties.
Janalakshmi Financial Services Pvt Ltd is planning to raise upto R50Cr from PE investors. This deal will provide an exit route to Lok Capital, the Michael and Susan Dell Foundation and Bellwether Microfinance Fund who funded the company when it was set up in 2007.