Thailand’s Minor International Sets Sights on Indian Hotel Firm
Minor International bid to invest 350 million in Indian hospitality group Hotel Leelaventure Ltd which operates a number of luxury properties within India.
Thai hotel group Minor International has its sights set on Indian hospitality group Hotel Leelaventure Ltd., according to sources. Minor reportedly forms part of a larger consortium that is interested in investing a large sum of money to acquire equity and debt, which would give them a majority stake in the Indian hotel group. We find out more.
The bid for Leelaventure
Sources with knowledge of a proposed bid to invest $350 million in Indian hospitality group Hotel Leelaventure Ltd. say that Thailand’s Minor International is part of a bigger consortium that is reportedly placing the bid. If it goes ahead, the deal would see the consortium, of which Minor International is a part, acquiring a majority share of Leelaventure. The acquisition would be formed of both equity and debt, and investment firm Trinity White City Ventures has also been linked to the proposed bid. So far, these ideas are just swirling in the wind, and members of the involved parties have confirmed their interest but have intentionally kept comments vague. Dillip Rajakarier, chief executive officer of Minor’s hotel unit, said, “Minor is always on the lookout for good investment opportunities, which includes Hotel Leela. But nothing is set in stone. We are currently exploring the option.”
Hotel Leelaventure in India
Hospitality firm Hotel Leelaventure operates within India, and has nine properties across the subcontinent. The group operates a number of luxury properties, including The Leela Palace Udaipur on Lake Pichola and The Leela Kovalam in Kerala, and they also have a presence in other Indian destinations such as Bengaluru, Chennai, Delhi, Gurgaon, Mumbai, and New Delhi. While the company declined to comment in an concrete way on the proposed deal, a spokesperson said that more information would be revealed when negotiations had progressed further.
Minor International Expansion
The interest in acquiring a potential stake in Hotel Leelaventure would be the latest step in Thai hotel group Minor International’s expansion plans. They made headlines recently for their part in the purchase of Spanish company NH Hotel Group SA. This was also part of their strategy to expand through acquisition, and Minor spent $2.3 billion USD on the deal.
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