Singapore-based Silverlink Holdings, which has bagged the Indian Tourism Development Corporation (ITDC)-owned Lodhi Hotel in New Delhi for Rs 76.25 crore, plans to invest additional Rs 150 crore in the hotel to make it operational. The hotel is expected to start full-fledged operations by 2004.
The expenditure would include an outflow of about Rs 12 crore on account of a voluntary retirement scheme (VRS). The company plans to offer VRS to over 400 people employees and wants to retain only 30 per cent of the existing staff, company sources said.
The authorities want to bring down the entire hotel and then rebuild it again as per international standards, sources said. The officials said the hotel was not in a shape to be upgraded to hotel chain