Louvre picks up majority stake in Sarovar

Two existing overseas investors have exited Sarovar by selling their entire 30% stake to Louvre

The underserved hospitality sector in India continues to attract new players. Louvre Hotels, Europe's second biggest hotel group, has picked up a majority stake in Indian hotel management company Sarovar for an undisclosed amount. 

Two existing overseas financial investors- Bessemer Venture Partners Trust and New Vernon Private Equity- have exited Sarovar by selling their entire 30% stake to Louvre. 

The Indian promoters, who held 70% stake, have also offloaded more than 20% part of their shares. Avendus Capital was the advisor for the transaction. The value of transaction was not disclosed.

"Our desire to get better reach and