Luxury hotel chain, Hotel Leelaventure, is planning to invest approximately US$297 million by 2015 to develop new hotels in areas such as New Delhi, Agra and Pune in India.
A portion of the investment, approximately US$121 million, is expected to be raised through foreign currency convertible bonds by middle of 2010; raising capital through qualified institutional placement of shares is also being considered.
The chain's 260-key The Leela Palace Kempinski New Delhi is scheduled to commence operations before the Commonwealth Games in October 2010.
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