IHCL lines up Rs 959 cr capex

IHCL, which is the hospitality unit of the Tata Group, is planning a capital expenditure of Rs 959 crore over the next few years for its new projects. The company will undertake expansion plans both domestically and overseas. The group, which owns the Taj Group of hotels, is identifying new projects in the Middle East, North Africa, South America, Abu Dhabi, Egypt, Morocco, Mexico and the British Virgin Islands under various management contracts. IHCL has recently acquired the Sea Rock hotel at Bandra and will convert it into a convention-cum luxury hotel. The total area of the convention centre will be around 16,000 sq ft and can accomodate 2,000 people in one room. Contact: IHCL. Tel: 022-6665 1000. Fax: 022-2281 8849. Website: www.tajhotels.com