Panoramic Universal, a Mumbai-based company having interests in hospitality and information technology (IT) today informed the Bombay Stock Exchange (BSE) that it has acquired 51 per cent in one Secunderabad-based Sri Vatsa Hotels for an undisclosed amount.
"Sri Vatsa Hotels (SVPHL) owns a commercial complex in Secunderabad. The company (Panoramic Universal) proposes to construct either by itself or through SVPHL as its subsidiary, a four star hotel with approximate 90 rooms at the said commercial complex", further stated the release.
Panoramic has also informed the BSE that it has acquired the balance of shares, 21.93 per cent, of Hi-Flyers Travel Services, travel agency catering to premium corporate and HNI clients like Sharekhan, Akruti Foundation, SSKI, Jain Irrigation, Supreme Industries among others.
With this acquisition Hi-Flyers has become a subsidiary of Panoramic Universal.