VISAKHAPATNAM : Expanding its operations in the hospitality sector, the Visakhapatnam-based Varun Group is planning to invest ` 200 crore by constructing a five star hotel in Vijayawada and also service apartments in Bheemili during the current fiscal.
The `150-crore 200-room star hotel is currently under construction in Vijayawada and likely to be ready in the next three years. “The capital Amaravati is coming up in Guntur district. As the capital region is developed over the next 10 years, we will unveil our plans for near Vijayawada,” said Varun Group chairman and managing director V Prabhu Kishore.
Disclosing the Varun Group’s performance to the media here Thursday along with the group director Varun Dev and Hotel Novotel Varun Beach general manager Madhav Bellamkonda, Prabhu Kishore said that the service apartments at Bheemili with 35 rooms, jogging track, swimming, cafeteria and other facilities will be ready by January 2016. A sea-facing games village has been already developed in an area of four acre next to the service apartments with facilities to play night cricket, beach volleyball and other games. “We are investing `50 crore near the Dutch Cemetery at Bheemili, a major tourist attraction,” he said.
The Varun Group is also mulling over construction of a two lakh sft of IT space with plug and play facility along with a 300-room budget hotel, a convention hall and other facilities near the IT SEZ at Rushikonda. The group was allotted two-acre land by the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) next to the IT SEZ between Hill No. 1 and 2 at Rushikonda. “But the project will be taken up subject to the growth in IT operations in the city. We plan to invest about `300-400 crore, if the project is finalised,” he added.
The Group performance resulted in an annual turnover of `2,400 crore for 2014-15 as against `2,000 crore the previous year.