The Exchange had sought clarification from Sayaji Hotels with respect to news article appearing in Financial Chronicle on September 09, 2015 titled ‘Sayaji to invest Rs 100 cr in hotel’. Sayaji Hotels replied stating that recently company has launched a Chinese restaurant in its Vadodara Unit. While discussion with media in launching ceremony of the said restaurant, Raoof Dhanani, Director has informed that the promoters of Sayaji jointly with some other individuals are coming with a new hotel having approx. project cost between INR 80 - 100 Cr. and Sayaji Hotels Ltd. will operate the said hotel on management contract basis. Right now everything is under discussion only. Further be noted that Sayaji Hotels Ltd. will not invest anything on the above said project. They will keep inform the exchange, in case any change in the plans.
The above information is a part of company’s filings submitted to BSE.
