Newstrack

Hong Kong co plans India foray

EH Staff - Mumbai

Hong Kong-based multinational company QI said it would invest up to US$ 200 million in India in the next five years. Among other projects, QI is interested in setting up a chain of five-star and three-star hotels at various heritage sites in south India.

Vijay Eswaran, its managing director, said that as part of the plans, it has acquired 47 acres of land at Mamallapuram, famous for its shore temples, for setting up a star hotel. The work for the project, which would have 275 rooms, would commence soon, he added. His company was also in the process of acquiring an ayurvedic clinic in Kerala to convert it into an international ayurveda resort. QI has already started health resorts in a number of countries, he added. It was also looking into the possibility of setting up hotels in tier II and tier III cities in south India like Madurai, Combatore, Kochi, Thiruvananthapuram and Mangalore. Besides these, some towns in Andhra Pradesh were being considered for setting up business class hotels. With the increase in the number of IT companies in and around Chennai, the company would set up a township exclusively for IT company executives, Eswaran said. Over 2,400 dwelling units would be there in the township, for which was looking for land in and around Old Mahablipuram Road, where a cluster of IT companies are located. The township was aimed at satisfying the needs of upper income groups, he said. QI recently acquired Bernhard H Mayir, a German watch company.