Real estate developer, Nitesh Estates, is reported to be planning to raise approximately US$215 million through the sale of shares to finance the development of a Ritz-Carlton hotel in Chennai, India.

To be located on 36,400 square metres of land in Chennai's Boat Club area and estimated to cost approximately US$323 million, the overall development is envisaged to feature 9,300 square metres of luxury retail space in addition to the hotel.

In early November 2009, Nitesh had entered into a management agreement with Ritz-Carlton on a 200-key hotel and 80 serviced residences. 

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