Ravi Deol, Leading Indian Retail Entrepreneur, Joins India Hospitality Corp.
As Member of IHC's Board of Directors and Chairman and CEO of Mars
Deol Will Concurrently Lead Newly Launched $200 Million Hospitality
Opportunity Fund
LONDON, June 12 -- India Hospitality Corp. (LSE: IHC, IHC or India
Hospitality) today announced that Mr. Ravi Deol, a name synonymous with the
successful development of organized retail in India, has joined with the
company as part of a major initiative to rapidly grow its hotels and food
services businesses.
Mr. Deol joins IHC's Board of Directors and has been named as Chairman and
Chief Executive Officer of Mars Restaurants Pvt. Ltd., IHC's hotels and food
services division.
IHC is one of India's newest diversified hospitality companies, formed
last year through the acquisition of Gordon House Hotels, Mars Restaurants,
and SkyGourmet Catering.
Confirming the news, Ravi Deol said, "I am excited by this unique
association with IHC as it gives me the opportunity to build on India's
fastest emerging consumer sector and the platform that allows me to pursue my
entrepreneurial ambitions. My enthusiasm and understanding of this sector will
see the creation of food and hotel concepts which will be executed with speed
and excellence. A large committed pool of capital and strong management team
will build significant value creation for both consumers and shareholders. I
consider that the current stage of the Indian economy presents us with the
perfect opportunity for both organic and inorganic growth."
Deol To Lead IHC's Newly Launched Hospitality Fund
The Board of India Hospitality Corp. also approved the launch of a $200
million hospitality fund. Mr. Deol will be the Managing Director and General
Partner of the Fund. The fund's capital, combined with leverage, will allow
the company to make a significant investment into the development and / or
acquisition of Indian hospitality properties.
"With significant equity capital at the company's disposal, we believe IHC
can add nearly 2,000 hotel rooms and drive earnings growth," commented Richard
Foyston, IHC Deputy Chairman.
Foyston additionally noted, "Having Ravi Deol on board is another step in
executing IHC's core strategic initiatives. His experience brings significant
value to the existing IHC management team and to our new hospitality fund, and
we look forward to working together."
About Ravi Deol
Ravi Deol has pioneered several ventures, including founding Barista,
India's first indigenous coffee chain which revolutionized life style driven
high street consumption. He was the architect of the Bharti Wal-Mart joint
venture which marked Bharti's entry into the retail sector. Earlier he
gathered a wide ranging experience with brands such as Coca-Cola and Wipro
Consumer.
For Further Information Contact:
Media Contact: Mutual Image & Events Management Pvt. Ltd.
Harsh Wardhan
+91 11 41416523
Investor Relations Contact: ICR Inc.
William Schmitt
+1 (203) 682-8200
Nominated Adviser and Broker: Deutsche Bank AG
Mumtaz Naseem
+44 20 7545 8000
Deutsche Bank AG is IHC's nominated adviser and broker for the purposes of
the AIM Rules for Companies. Its responsibilities as IHC's nominated adviser
and broker under the AIM Rules for Nominated Advisers are owed solely to
London Stock Exchange plc and not to IHC, any director of IHC or any other
person.
No offer or invitation to purchase or subscribe for ordinary shares in or
warrants to purchase or subscribe for ordinary shares or warrants of IHC is
being made by this announcement.
SOURCE India Hospitality Corp.
-0- 06/12/2008
/CONTACT: Media, Harsh Wardhan of Mutual Image & Events Management Pvt.
Ltd., +91-11-4141-6523; or Investor, William Schmitt of ICR Inc.,
+1-203-682-8200; or Nominated Adviser and Broker, Mumtaz Naseem of Deutsche
Bank AG, +44-20-7545-8000; all for India Hospitality Corp./
(IHC)