With a view to having a pan-India footprint, hospitality major Panoramic Universal plans to develop two exclusive properties in Hyderabad and Jaipur and is in talks with private equity players to raise Rs 50 crore.
"We plan to raise Rs 50 crore and are in talks with private equity players and institutional investors. The deal should be sealed soon," Panoramic Universal's Senior Vice President (Finance & Operations) Utpal Parekh told PTI here.
Initial discusssions with several investors have already been done, he said, adding, "we will dilute at the right valuation".
Panoramic Universal has adopted the inorganic route for expansion and recently acquired three hotels in the country taking its total chain to 11 across India, US and New Zealand.
The company acquired a controlling stake of a semi-finished hotel in Hyderabad called Sri Vatsa Hotels for Rs 20 crore last year. It intends to convert this property into a 90-room four star hotel.
It also acquired a property in Jaipur for Rs 18 crore. Panoramic Universal intends to set up a multi-use hospitality project with a 83-room three-star hotel and a commercial complex spread over 30,000 sq ft on the property.
The company is also intending to take over the management control of an "only suite hotel" in Thane.
