Parsvnath Hotels Ltd. (PHL) a subsidiary of Parsvnath Developers Limited (PDL), India’s leading company in real estate and infrastructure development with strategic tie-ups in hospitality sector has announced the appointment of Mr. D. N. Davar, Mr. B.K. Goswami, Mr. V.K. Chopra and Mr. R.J.Kamath as Independent Directors.
Mr. D N Davar, having done his Master’s Degree in Economics is a Certified Associate of the Indian Institute of Bankers and is a fellow of the Economic Development Institute of the World Bank. Mr. Davar who was Chairman of IFCI Limited is presently on the Boards of various reputed companies across the Country.
Mr. Goswami has substantial experience in the hospitality industry and brings industry perspective and a great deal of practical knowledge to Parsvnath Hotels Limited. Mr. Goswami has held numerous executive positions in the hospitality industry including roles as Director with ITDC, has been chairman of and on board of Governors of Institute of Hotel Management & Catering Technology at New Delhi & Mumbai. Having rich experience in the tourism and hospitality sector Mr. Goswami has worked as Secretary with Department of Tourism, Government of India and Director General for Tourism with Government of India. Recognizing his expertise and excellence, Indian Association of Tour Operators awarded him “Hall of Fame” and he was also awarded the Lifetime achievement award by the Ministry of Tourism, Government of India.
Mr. V K Chopra, an eminent Chartered Accountant has been the former Executive Director of Oriental Bank of Commerce, Chairman & Managing Director of Corporation Bank and SIDBI and Director of IDBI Bank Limited. Mr. Chopra is a whole-time Member of SEBI and is presently on the Board of a number of reputed Companies.
Mr. Kamath, an eminent professional and former Chairman of the Andhra Bank and Canara Bank, with vast experience and expertise in finance, banking, legal and corporate management has been associated with Parsvnath Developers Limited as an Independent Director. Having substantial experience in the industry he brings with him industry perspective and a great deal of practical knowledge to Parsvnath Hotels Limited.
“With heightened interest in the hospitality sector to a number of drivers like availability of capital, the synergy that real estate developers bring to hotel projects and a huge demand for hotel rooms that stems from an increase in the number of business and leisure travelers plus tourists, we were looking forward for independent directors who have keen understanding of ever changing hospitality sector and with appointment of Mr. B.K. Goswami, Mr. D.N. Davar, Mr. V.K. Chopra and Mr. R.J.Kamath, I am sure, they will take Parsvnath Hotels Limited to new heights,” said Mr. Pradeep Jain, Chairman Parsvnath Developers Limited.
Parsvnath Hotels Limited
Parsvnath Hotels Limited is a wholly owned subsidiary of Parsvnath Developers Limited incorporated in November 2007. The Company having a portfolio of 22 hotels across the country comprises of nine 5-star, two 4-star, five 3-star and one serviced apartments. Parsvnath Hotels Limited signed a memorandum of understanding (MoU) with ITC’s Fortune Park Hotels to manage 50 hotels across the country in five years. The tie-up plans to develop 20 five-star, 20 four-star and 10 three-star and budget hotels. It also inked another agreement with Royal Orchid Hotels Limited (ROHL) to manage 10 hotel properties
About Parsvnath Developers Ltd
Parsvnath Developers is noted for its rapid pan India spread. It is the fastest growing real estate group in India. Parsvnath Developers is amongst the largest listed real estate companies in India. As of today, company is developing 114 mega projects spanning 211.32 million square feet in 51 cities and 18 states. For the year ended March 31, 2008, Parsvnath Developers Ltd. recorded consolidated revenues of Rs 1837.12 crore and net profit of Rs 424.39 crore.
