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Article: Sayaji Hotels to hive off restaurant business

Article from:
The Hindustan Times
Article date:
February 21, 2008
Copyright

Report from Indo-Asian News Service brought to you by HT Syndication.

Chennai, Feb. 21 -- The Rs.440-million ($1.1 million) Sayaji Hotels Ltd has decided to hive off its Barbeque Nation restaurant chain for more focussed and accelerated growth, the hotel group's top officials have said.

"As per our plans the restaurant business would require around Rs.2.5 billion by the end of the financial year 2008-09. We are looking out for private equity to the tune of Rs.500 million," Sajid Dhanani, managing director of the hotel group, told IANS.

Dhanani, who was here to open the Barbeque Nation restaurant Wednesday, did not specify the timeframe by which the hive-off would happen.

According to him, ...

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