Indian railway projects to be developed in three-way joint venture
In a smart move, two private companies have formed a joint venture with the Indian Railway Construction Company (IRCON). Kamat Hotels India and Uppals Hotels Delhi are the private hotel and real estate developers with whom IRCON has joined hands to develop railway hotel projects across the country. The new company called 'Uppal Kamat Hotels Consortium' has won the first two properties in a tender process of the Indian Railway Catering and Tourism Corporation (IRCTC) - Vijayawada and Madurai railway stations. They are also confident of winning the bids for projects at Chandigarh and Secunderabad.
According to Rumneek Bawa, group CEO of Uppal Hotels, all members of the JV will have an equity stake and will raise funds jointly for projects. Dr. P K Goel, MD, IRCTC said that the projects would be value for money hotels where IRCTC will have control over the land while the new company will build and operate the properties on a revenue sharing basis.
Meanwhile, bids for franchising the Integrated Train Enquiry System of Indian Railways have been invited by the IRCTC. They are also believed to be looking for private partners to run existing properties.
By INRnews Correspondent
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