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| Exchange Disseminated Time | Savera Hotels Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 27, 2006, has approved the following diversification and expansion proposals:
1. Diversification:
It is accorded to acquire 85% of equity shares of M/s Elkhill Agrotech (P) Ltd., who is the leader in floricultural business in Niligris Dist., Tamil Nadu since 1985. The Company will acquire the control over the management and major voting rights in M/s Elkhill Agrotech (P) Ltd., by above investments. The company will shortly complete the required formalities and all legal matters.
2. Expansion:
It is accorded to expand by an out right purchase of an existing hotel property at Madurai, which is a business class hotel. The Board further informed that immediately after the take over, the Company will upgrade before relaunching the said property. The business deal got started and other necessary legal formalities will be completed shortly, as applicable.
By the above the company is expected to improve the profitability and the stakeholder value. |
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