New Delhi, (PTI): Nepal-based CG Corp Global is mostly likely to acquire a publicly-listed hotel brand in India, a top company official has said.
26 new managed hotel properties in the country are expected to be operational in 2022, planned by Company.
“We are in the process of acquiring a very well-known brand of a listed hotel company. It will give us a much bigger bandwidth in the hotel business than we currently have,” CG Corp Global Chairman Binod Chaudhary told PTI.
The two companies CG Corp Global and The Fern are at the level of finalizing commercial agreements, Chaudhary adds.
CG Corp Global – operates in the hospitality business through brands including The Fern, The Fern Residency, The Zinc Living, and Beacon – is looking to acquire the hotel brand that owns and operates hotel properties.
“Fern brand currently a pure management company. Now, we are focusing on the right balance between asset-light and company-owned properties. This brand (we are looking to acquire) has assets and into the management of hotel operations. 400 more rooms shall be added through this acquisition,” he said.
CG Corp Global operates 112 hotel properties, with 6,013 rooms in 10 countries. And plans to add 29 properties, with 2,233 keys.
The rest three are owned by CG Corp Global with joint venture partners to come up in Nepal, Bhutan, and Thailand.
Chaudhary said the company is in the process of a big merger and acquisition in the food space.
“It is a listed FMCG company, so I can’t share more details at this time. We are looking at this company to grow and consolidate our food business,” he said.
CG Corp Global plans to invest Rs 200 crore to set up two new manufacturing plants in West Bengal and Uttar Pradesh too.
The company’s FMCG arm CG Foods is targeting Rs 1,500 crore revenue from its popular noodles brand Wai Wai in a year as it aims to be a multi-product company.