NEW DELHI:On a fund raising spree, Gurgaon based real estate firm Vatika Group has raised another Rs 495 crore from Axis Bank, the third within a week, as term debt loan for supporting the growth plans of its hospitality venture Vatika Hotels
The money will be used to construct an additional tower at the Westin, Gurgaon, and more villas at the Westin Resort and Spa, according to two people in the know of the development.
“The company also plans to use the money for expanding its business centres and its new venture Nukkadwala, a quick service restaurant, across India,” they said.
Confirming the deal, Gaurav Bhalla, Managing Director of Vatika Hotels said, “We have raised these funds essentially for the aggressive growth plans for Vatika Hotels. The company had received term sheets from several banks including Yes Bank, IDBI, Standard Chartered, but we chose Axis Bank as our partner,” he added.
The company had recently raised 700 crore from non-banking financial firm Altico Capital and then received Rs 425 crore as construction finance from Piramal Fund Management, the real estate investment arm of Piramal Enterprise.
The company plans to open around 25 outlets of its restaurant chain Nukkadwala across Delhi, Noida, Greater Noida, Faridabad and Bengaluru by the end of 2017.
At present, the company has 15 Vatika Business Centres spread across New Delhi, Gurgaon, Noida, Mumbai, Bengaluru, Chennai, Hyderabad and Pune.
Vatika Group has delivered around 42 million sq ft so far and has an extra 50 million sq ft under construction across residential townships, offices and hotels. It has raised money from Piramal Fund Management and Singapore’s sovereign wealth fund GIC for its projects in the last two years.
