Royal Orchid Hotels said that the company executed joint venture agreement with the owners of land ad-measuring about 4665 sq. metres situated in Powai, Mumbai for construction and management of a 4-star hotel with 250 rooms by name Royal Orchid Central.
The company said that it acquired 53% of the equity capital of the joint venture Amartara Hospitality for Rs.18.04 crore and would raise its stake up to 74% before December 2010. The new hotel is likely to commence its commercial operations in 2011.
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