IHCL, Ambuja Neotia Group to co-invest in hospitality projects

Raichak: Indian Hotels Company Limited (IHCL) and are set to co-invest in , it was announced on Friday. Currently, manages seven hospitality properties of the Ambuja Neotia Group, including Taj Ganga Kutir Resort and Spa Raichak."We are looking to make investments jointly with the Ambuja Neotia Group. While their first choice is Bengal, they may also look for opportunities outside the state," said Puneet Chhatwal, managing director and chief executive director, IHCL.In July this year, IHCL had announced an agreement to set up 15 new hotels with Ambuja over the next three years. IHCL also manages the ‘Tree of Life' portfolio of hotels owned by Ambuja, extending the partnership to more than 40 hotels."The core value of Taj is: T for Trust, A for Awareness, and J for Joy. If we have the joy of working together, we need to be aware of where to best invest. We may go as a joint bidder," Chhatwal said.Supporting Chhatwal, Ambuja Neotia Group chairman Harshavardhan Neotia said, "We have an open and informal relationship. Once you have the trust, you don't have any tension."The property at Raichak was first opened in 1997. After 28 years, it was reopened under the ‘Taj' brand. "We have so far invested Rs 300 crores into the property for its rejuvenation and will invest another Rs 50 crores. For the Ambuja Neotia Group, it is the largest investment in a single property," said Neotia, adding that out of 340 employees, about two-thirds are local.IHCL and the Ambuja are also planning to rope in a high-tech boat to ferry the hotel guests from Kolkata to Taj Ganga Kutir, Raichak, through the Hooghly River.