Asian Hotel (North) on Monday said it has entered into a joint venture with an international hospitality consulting firm by picking up 53 per cent stake entailing an investment of Rs 400 crore.
The company, however, did not disclose the details and the identity of the new partner.
"The investee company is in the business of hospitality consultancy services and holds investment in hospitality sector," Asian Hotel said in a filing to the Bombay Stock Exchange.
The said investment comprises subscription towards equity and preference shares of Rs 53 crore and Rs 347 crore respectively of the said overseas joint venture, it added.
"The same shall also ensure the controlling interest in the said overseas company to the extent of 53 per cent," it said.
According to the company, the investment would enable it to consolidate its hospitality business in Asian sub-continent. The decision was taken by the company's board of directors' meeting held on October 11.
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