Shirdi to go Solar / Hotel Projects

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Realty firms look at PE bailout for Hotel Projects Wednesday, September 9, 2009Sobia Khan & Pranav Nambiar / DNA Realty majors, left with

few avenues to fund their ambitious hotel projects, are now hoping for a private equity (PE) bailout. Developers like Parsvnath, Nitesh Estate and Brigade Group have kicked off negotiations with PE players to bail them out. New Delhi-based Parsvnath Developers, for instance, recently prepared an information memorandum for the purpose. “We plan to raise money for hospitality projects but currently it is in an early stage of discussion,†said an official on condition of anonymity. The company has expressed its intention to focus on six projects in Hyderabad, Ahmedabad, Lucknow, Goa, Mohali and Shirdi.“Banks are still a little averse to lending to the hospitality sector even though signs of economic revival are looking imminent,†said K

Ramakrishnan, executive director & head, investment banking, Spark Capital.According to data provided by Venture Intelligence, a research service focused on PE and M & A deals, in 2007 there were nine PE deals in hotel projects worth $343 million, and in 2008 there were 11 deals worth $246 million. So far this year, there have been five deals worth $74 million.Arun Natarajan, founder and CEO of Venture Intelligence, said that its real estate and hospitality focused PE funds are looking at investing mainly in hotel projects. “These funds will try and replicate the global hotel management model in India. Under this strategy, it would either build a new hotel or buy an existing property and then strike a deal with hotel firms for branding,†he added.Realty companies are looking at joint ventures as well as the special purpose vehicle (SPV) model to partner with PE firms. Some PE firms are also looking to buy out assets of distressed hotel projects. Duet India Hotels, a $166.5 million fund that is a part of Duet Private Equity (DPEL), which acquired Dawnay Day Hotels for $33 million last year, is in the hunt for distressed properties.Source - http://www.dnaindia.com/money/report_realty-firms-look-at-pe-bailout-for-hotel-projects_1288631~~~~~~~~~~~10,000 Villages to get Solar PowerTNN 8 September 2009CHENNAI: The central government will convert 10,000 villages which do not have electricity into solar-powered settlements 2012, Union minister Farooq Abdullah has said. "If the government can divert a part of the subsidy spent on fossil fuel to renewable energy, we will be

able to bring a big change in the way people live in rural areas," said Farooq Abdullah after launching the K2K solar lamp distribution programme organised by Exnora and Solkar Social Service Mission in the city. Detailing the benefits of solar energy, Abdullah said that "we have plans to convert a couple of pilgrim centres like Shirdi, Vaishno Devi, Tirupati into solar power so that we can reduce dependence on power grid. Hotel chains have saved up to 55% of their power bill by using solar energy." Lauding the initiative by Solkar and Exnora, Abdullah said: "India is deficient on power. We should make this into a movement to make sure that every powerless household will have a solar lamp." Source - http://timesofindia.indiatimes.com/news/city/chennai/10000-villages-to-get-solar-power/articleshow/4984075.cmsRead-Lines Today.aAj tAk - rOhit beHaL

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