Brigade Enterprises, the Bengaluru-based property developer, has announced plans to transform its hospitality business into a wholly-owned subsidiary.
The move, which is subject to approval by shareholders and regulators, comes at a time when the company is planning to expand its hotel operations.
Brigade Hospitality currently operates approximately 500 rooms in Bengaluru, but this could multiply to around 4,000 rooms by the end of 2019.
“The plan is to transfer the assets into a separate entity before it gets bigger, and to make it more investor-friendly,” said Suresh Kris, chief financial officer of Brigade Enterprises.
Brigade Enterprises is a real estate firm with residential, hospitality, retail and office projects located across southern India.
Comments are closed.