Business
IHC's Credit Line Increased by $4 Million
IHC's Credit Line Increased by $4 Million.
About this update from Inspiration Healthcare Group Plc
[{"type":"text","content":"\n \nIHC's Credit Line Increased by $4 Million to Fund Expansion of Air \nCatering Business\n\nThe Company is also in Advanced Discussions with Investors to Raise \nFurther Funds to Fuel Hotel Management and Restaurant Business Growth\n\nLONDON, Jan. 22 -- India Hospitality Corp. (LSE: IHC, IHC or India \nHospitality) today announced that one of India's leading banks, State \nBank of India, has increased its existing credit line to the company by \napproximately $4 million to help fund the company's strategic expansion \nplans for its air catering business. \n\nThe management at IHC is also in advanced discussions with several \ninstitutional investors to raise additional funds for the company to be \ndeployed towards certain growth initiatives of its hotel management and \nrestaurant businesses, although there can be no guarantee that such \ndiscussions will ultimately lead to further funding being made available.\n\n\"We believe additional capital will allow us to leverage the growth \nopportunities that exist across the air catering, hotel management and \nrestaurant business in India,\" said Chief Executive Officer Ravi Deol. \n\"IHC has a scalable business model with inherent synergies across the \nbusinesses. Despite the recent market slowdown, we believe significant \nopportunities exist today that should provide long-term value to IHC.\"\n\nAs part of its growth strategy, IHC's Indian subsidiary Mars Hotel and \nRestaurant Pvt. Ltd. (which owns and operates Gordon House Hotels, an \nemerging four-star boutique hotel brand) continues to aggressively work \ntowards signing hotel management contracts in the largest cities in India. \nThe company is also preparing a rollout plan for the potential expansion \nof its branded food retail business.\n\nAbout India Hospitality Corp.\n\nIndia Hospitality Corp. (IHC) is a diversified pan-Indian hospitality and \nleisure company. In July 2007, IHC closed on the acquisition from Navis \nCapital Partners and its Affiliates of India-based Mars Restaurants \nPrivate Limited, an emerging hotel and restaurant company, and SkyGourmet \nCatering Private Limited, an airline catering company with 2,800 employees \nacross its facilities in India.\n\nDeutsche Bank AG is authorised under German Banking Law (competent \nauthority: BaFin - Federal Financial Supervising Authority) and with \nrespect...