vishnuvega
20-11-2007, 08:06 AM
The Reliance-Anil Dhirubhai Ambani Group (R-ADAG) is understood to be in talks with the New York-based Starwood Hotels & Resorts, a leading hotel and leisure company, to launch its upscale St Regis brand in the country. Sources indicate that the talks have reached an advanced stage and the announcement will be made soon.
While company officials declined comment, it is learnt that R-ADAG and Starwood may jointly float a special purpose vehicle (SPV), in which the former will hold a majority stake. Reliance Land, a group company that holds 51% stake in Adlabs, would provide the land for the business, which will translate into equity. It is likely that the SPV may launch new brands for the hospitality business in India, said sources close to the development.
Reliance Land is believed to be in talks with local land developers to acquire properties in Delhi, Mumbai, Hyderabad and Bangalore. But company officials declined to comment on any development. The company plans to use the unused property of Adlabs for setting up hotel projects, sources said.
While company officials declined comment, it is learnt that R-ADAG and Starwood may jointly float a special purpose vehicle (SPV), in which the former will hold a majority stake. Reliance Land, a group company that holds 51% stake in Adlabs, would provide the land for the business, which will translate into equity. It is likely that the SPV may launch new brands for the hospitality business in India, said sources close to the development.
Reliance Land is believed to be in talks with local land developers to acquire properties in Delhi, Mumbai, Hyderabad and Bangalore. But company officials declined to comment on any development. The company plans to use the unused property of Adlabs for setting up hotel projects, sources said.