|Nepal's CG Corp Global has invested Rs. 50 crore in Indian hotel management company Concept Hospitality.|
According to the partnership agreement, the Indian company will manage all hotels under the umbrella of CG Hotels and Resorts.
"With this, together we now have 88 hotels under 8 brands - The Zinc, The Fern, Zinc Journey, The Fern Residency, Glow, Zinc City, Beacon, Zinc Living - and want to reach 200 hotels by 2020,"said Binod Chaudhary, Chairman of CG Corp Global.
The company is yet to finalise the details and structure of the joint venture, Param Kannampilly, Managing Director, Concept Hospitality, said. "The venture will look to build hotels in Africa, Nepal, Sri Lanka and Bangladesh. In India, hotels would come up mostly in north-eastern states and district headquarters of Maharashtra, apart from Chennai and Madhya Pradesh."
The deal comes as Kannampilly's current PE partner is exiting the business.