Hospitality player Phoenix Group Global today announced the end of its association with the US-based Carlson Group and said all its existing properties would be brought under the banner of Zuri Hotels and Resorts.
."This decision of parting ways with Carlson has been a mutual one and can be viewed as a natural progression for us as a company that has been in the business of luxury hospitality for a decade," Phoenix Group Global Director Aditya Kamani said in a statement.
The Phoenix group currently operates four properties in India located in Bangalore, Kumarakom (Kerala) and Goa. The company's decision to sever ties with the Carlson Group follows the launch of its flagship brand Zuri in October last year. Phoenix's four properties in India are already operating under the brand name of Zuri.
Henceforth, all the properties of Phoenix Group spread across India, Europe and Africa would come under the Zuri brand, the statement added
Showing posts with label Hospitality. Show all posts
Showing posts with label Hospitality. Show all posts
Wednesday, April 1, 2009
Sunday, September 9, 2007
Fortis buys stake in Malar Hospitals
Fortis Healthcare Limited, the country’s second-biggest health-care provider by market value, is buying Malar Hospital in Chennai, expanding into the southern part of the country for the first time.
International Hospitals Ltd, a wholly-owned subsidiary of Fortis Healthcare, will buy 28 per cent of the equity capital of Malar Hospitals Limited (MHL) from the promoters and an additional 18 per cent by way of preferential allotment.
Seven per cent will be acquired by Oscar Investments Limited. Up to 20 per cent could be acquired through an open offer.
The equity value of MHL, which made its initial public offering in 1992, on a 100 per cent basis stands at Rs 42 crore. The promoters hold about 30 per cent of the 13.9 million shares and the balance is with the public and institutions.
“The acquisition cost per bed for us comes to Rs 32 lakh,” said Shivinder Mohan Singh, CEO and managing director, Fortis Healthcare. “The equity value to the turnover is 1.6 times for Malar, whereas our market cap is 2.65 times. We have picked up the company at Rs 30 per share.”
The 180-bed facility, which was operational in 1995, has three operation theatres and a pathological laboratory.
“Malar is renowned in the south and we are very happy to have acquired the brand. The move will help us in our rollout in south India,” Singh said.
Singh said that Malar, a multispecialty hospital with a focus on mother-child care, may be turned into a superspecialty institution in line with the company’s plans for Chennai.
Over the next six weeks, Fortis will work out the intricacies of the acquisition and decide on further investment that would be required to revamp the hospital.
The MHL acquisition takes Fortis’ total bed strength to 2,200, of which 1,600 are already operational.
Fortis, which runs 12 hospitals in north India, said it plans to operate 40 hospitals with 7,000 beds by 2010 as it seeks to meet demand for high-quality health care. Fortis expects to spend about $500 million on expansion, Singh said last month.
(Source: Economic Times
International Hospitals Ltd, a wholly-owned subsidiary of Fortis Healthcare, will buy 28 per cent of the equity capital of Malar Hospitals Limited (MHL) from the promoters and an additional 18 per cent by way of preferential allotment.
Seven per cent will be acquired by Oscar Investments Limited. Up to 20 per cent could be acquired through an open offer.
The equity value of MHL, which made its initial public offering in 1992, on a 100 per cent basis stands at Rs 42 crore. The promoters hold about 30 per cent of the 13.9 million shares and the balance is with the public and institutions.
“The acquisition cost per bed for us comes to Rs 32 lakh,” said Shivinder Mohan Singh, CEO and managing director, Fortis Healthcare. “The equity value to the turnover is 1.6 times for Malar, whereas our market cap is 2.65 times. We have picked up the company at Rs 30 per share.”
The 180-bed facility, which was operational in 1995, has three operation theatres and a pathological laboratory.
“Malar is renowned in the south and we are very happy to have acquired the brand. The move will help us in our rollout in south India,” Singh said.
Singh said that Malar, a multispecialty hospital with a focus on mother-child care, may be turned into a superspecialty institution in line with the company’s plans for Chennai.
Over the next six weeks, Fortis will work out the intricacies of the acquisition and decide on further investment that would be required to revamp the hospital.
The MHL acquisition takes Fortis’ total bed strength to 2,200, of which 1,600 are already operational.
Fortis, which runs 12 hospitals in north India, said it plans to operate 40 hospitals with 7,000 beds by 2010 as it seeks to meet demand for high-quality health care. Fortis expects to spend about $500 million on expansion, Singh said last month.
(Source: Economic Times
Wednesday, June 20, 2007
IHC to invest $110 mn to set up hospitality firm
India Hospitality Corp (IHC) said it will acquire Mars Restaurants and airline catering firm SkyGourmet for around 110 million dollars to set up a diversified hospitality company in India.
IHC said in a statement it has entered into an agreement with private equity firm Navis Capital Partners and other shareholders of the two companies for the acquisition.
Under the agreement, the sellers would receive around 110 million dollars, of which about 91.6 million dollars would be paid in cash and the balance in IHC ordinary shares on completion of the transaction. Affiliates of Navis Capital and Sanjay Narang, the founder of both SkyGourmet and Mars, will continue to play an active role in the management, it added.
(Source: Financial Express)
IHC said in a statement it has entered into an agreement with private equity firm Navis Capital Partners and other shareholders of the two companies for the acquisition.
Under the agreement, the sellers would receive around 110 million dollars, of which about 91.6 million dollars would be paid in cash and the balance in IHC ordinary shares on completion of the transaction. Affiliates of Navis Capital and Sanjay Narang, the founder of both SkyGourmet and Mars, will continue to play an active role in the management, it added.
(Source: Financial Express)
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