Tata Realty and Infrastructure (TRIL), a wholly-owned subsidiary of Tata Sons, is foraying into India’s retail and hospitality segments through a new subsidiary, TRIL Hospitality Services. The company, which has about INR6,000-crore (INR60 billion, USD1.12b) projects at hand, would also commence work on two more projects, and this would add business of INR3,000 crore (INR30b, USD562.23 million), said a senior TRIL Infopark executive.
Speaking to reporters on the sidelines of the Estate South 2012 conference organised by the Confederation of Indian Industry, C Velan, executive director and chief executive, TRIL Infopark, said: "It is a recent development, and we have not yet started execution. While we were exploring options for future plans, we identified opportunities in three segments – retail, senior living space and the hospitality segment."
The hospitality segment would include two parts: Developing living space for senior citizens, for which management would be outsourced to a third party, and the development of gateway and four star hotels, which would also be operated by another company.
(Source: Business Standard)