Monday, March 12, 2007

Vatika group to expand hospitality business

NEW DELHI: The Vatika Group, one of the leading real estate groups, plans to expand its hospitality portfolio by setting up multiple restaurants and a spa resort in northern India.

The Vatika group currently has the dining restaurant - The Fox, located in Gurgaon. It was launched in April 2002. The group now plans to open five more restaurants in Delhi, Gurgaon and in various key cities of north India by early next year.

As a part of its expansion strategy, the group will be setting up two divisions -- Casual Fine Dining and Express.

The Casual Fine Dining will offer various super speciality restaurants like World cuisine, Speciality cuisine etc whereas Express would cater to the quick meal and fast food segment. It plans to set up two Casual Fine Dining restaurant and two Express restaurants.

This immediate expansion programme will require an estimated investment of Rs 8 crore, it said. In the next 5 years, the group plans to have 15 operating Express restaurant and 5 operating Casual Fine Dining restaurants.

The Vatika Garden Retreat, spread over 30 acres, is the other hospitality venture of the group. Currently, it is undergoing extensive renovation. Upon completion, it will be the biggest Spa Resort in northern India with. The investment outlay for this project will be Rs 27 crore and is slated for completion by early next year.

Gaurav Bhalla, executive director of the Vatika group said, "The group always had plans to expand its hospitality portfolio. With the industry growing at 6% per annum, it is the imperative that we expand so that we can get a big share of the Rs 2,000 crore pie. Our immediate expansion plan is setting outlets in northern India, but we have definite plans to expand on an all-India basis."

The group is set to launch its second Casual Fine Dining restaurant by this April 2004 in Gurgaon. Subsequent to this launch, the group will further open two Express restaurants in Gurgaon and one Speciality restaurant in Delhi by early 2005.