Pune-based real-estate developer Paranjape Schemes (Construction) Ltd (PSCL) has tied up with Taj Hotels and Resorts to make its foray into the hospitality segment.
PSCL is launching its first hotel in the city’s IT hub at Hinjewadi over the weekend and has entered into a contract with Indian Hotels Company Ltd to manage the property. This is the second Taj hotel in Pune and the first ‘The Gateway’ property in the city.
“We at PSCL are happy to enter into the hospitality segment through the upcoming launch of ‘The Gateway Hotel’, at Hinjewadi,” Shashank Paranjape, MD, Paranjape Schemes said. He added that there were no more hospitality projects in the pipeline.
The company is currently in the process of coming out with an IPO and filed the draft red herring prospectus with SEBI in July. It intends to raise around Rs 600 crore through the public offering and proposes to use the funds to repay debt as well as fund projects.