DLF to bring Hilton brand to Kolkata

DLF, which will enter the capital market on June 11 with its public issue, announced on Friday an investment of Rs 3,000 crore (Rs 30 billion) for developing two hotels and a service apartment in Kolkata.

The company would set up a luxury hotel, a budget hotel and service apartments here for which it would invest Rs 3,000 crore, DLF Commercial Developers Ltd Chairman A S Minocha told reporters.

While the budget hotel would have 320 rooms, the luxury one would have 250 rooms. The hotels will be set up under the Hilton brand.

DLF has formed a joint venture with the US-based hospitality major Hilton last year to foray into hotel business.

Minocha said the entire complex, next to ITC Sonar Bangla, would be ready in the next three years and land was being obtained by the company.

DLF has also got approval for setting up a textile SEZ in Dankuni. The company was also diversifying into the areas of life insurance and wind energy.

Meamwhile, the company is entering the capital market with a maiden public issue of 175,000,000 equity shares and the price band has been fixed at between Rs 500 and Rs 550.

Of the net proceeds of the issue, Rs 3,500 crore (Rs 35 billion) would be spent for acquisition of land and Rs 3,493 crore (Rs 34.93 billion) for meeting development and construction costs.