Sunday, May 11, 2014

UK’s Varakas Group to build resorts in Gujarat

UK's Varakas Group to build resorts in Gujarat

It seems that the fragrance of 'Khushbu Gujarat Ki' campaign led by actor Amitabh Bachchan to promote Gujarat Tourism has spread to overseas. A UK-based NRI investor is planning to invest in hospitality at tourist spots in Gujarat.

The NRI-owned £180-million Varakas Group Plc has announced its plans to create wildlife resorts at Sasan Gir, lion sanctuary in Saurashtra region and one at Kevadia on the banks of Narmada river in South Gujarat.

Listed on the stock exchanges in London, Varakas Group is promoted by Himmz Modha, a Gujarat-born UK resident.

The group has laid out ambitious plans for projects in Gujarat, Mumbai and Bengaluru along with setting up advisory operations for insolvency and asset reconstruction services.

"We are in the process of setting up a wildlife resort at Sasan Gir and another resort at Kevadia, near the Narmada dam. The other focus area will be advisory services for asset reconstruction and insolvency cases wherein the Varakas Group has global expertise," said Modha, a first generation entrepreneur and angel investor.

Outlining the group's development plans, Modha said, "We have identified several new and upcoming real estate projects in Bengaluru, Mumbai and Gujarat where the Varakas Group will invest. Our focus will be on commercial realty projects and we will invest directly, as well as by acquiring real estate companies in these cities."

The Group, employing 670 people worldwide established its presence in countries like the United States, the United Arab Emirates, Hong Kong, Switzerland and India.

The group plans to create 100 jobs in the business advisory and asset restructure arm over the next couple of years.

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