Varun Group Raring to Go Big this Fiscal
VISAKHAPATNAM : Expanding its operations in the hospitality sector, Vizag-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. 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 Varun Group’s performance to the media Thursday along with the group director Varun Dev and Hotel Novotel Varun Beach GM Madhav Bellamkonda, Prabhu Kishore said that the service apartments at Bheemili will have 35 rooms, a jogging track, a swimming pool, cafeteria and other facilities, which will be ready by January 2016. A sea-facing games village has been developed in four acres next to the service apartments with facilities to play night cricket, beach volleyball and other games. The Group is also investing `50 crore near the Dutch Cemetery at Bheemili.
The Varun Group is also mulling over the construction of two lakh sft of IT space with plug and play facility along with a 300-room budget hotel, convention hall and other facilities near the IT SEZ. The group was allotted two-acre land by 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, and we plan to invest about `300-400 crore, if it is finalised,” he added.
Meanwhile, the Group performance resulted in an annual turnover of `2,400 cr for 2014-15 as against `2,000 cr CPLY. The group expects an increase of 10 to 12 per cent during the current fiscal. It has emerged as the largest automobile dealer in terms of volume in both Andhra Pradesh and Telangana, based on its performance through Maruti showrooms in four-wheeler segment, Bajaj showrooms in two-wheeler and three-wheeler segments, Varun JCB and Benz.