After successful launch of Hotel Novotel Varun Beach and emerging largest automobile dealer in volume in Andhra Pradesh and Telangana, Varun Group has announced an investment of Rs.200 crore in a five-star hotel at Vijayawada and service apartments at 17{+t}{+h}century Dutch township of Bhimili near here.
Group Chairman and Managing Director V. Prabhu Kishore, Director Varun Dev and Novotel General Manager Madhav Bellamkonda told reporters on Thursday that the construction of hotel at Vijayawada with 200 rooms had already started. It was expected to be ready by last quarter of 2017 or first quarter of 2018. Mr. Prabhu Kishore said the hotel would cost around Rs.150 crore.
The service apartments with 35 rooms, jogging track, swimming, cafeteria and other facilities would be ready by January, 2016. He said they had already developed a sea-facing games village on an area of four acres next to the service apartments with facilities to play night cricket, beach volleyball and other games. Varun Group, which has been allotted two acres by APIIC in non-SEZ area between Hill No. 1 and 2 of Rushikonda, also has plans to construct two lakh square ft. of IT area with plug and plugout facility along with 300-room budget hotel, convention hall and other facilities in Visakhapatnam.
Asked when they would take up work on the project, Mr. Prabhu Kishore said since it would involve an investment of at least Rs.300 crore they would wait for the time.
He said they had ended 2014-15 with a turnover of Rs.2,400 crore compared to Rs.2,000 crore of the previous year. The group was expecting an increase by 10 to 12 per cent during current fiscal.
