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Jain Group and Sarovar announce partnership & INR 500 Cr investment

 

Kolkata’s Jain Group is embarking on a substantial investment of INR 500 crore in the hospitality sector, as reported by TOI. The renowned real estate developer, based in Kolkata, is planning an expansion in the hospitality industry by 2030. In a strategic move, the group has forged a partnership with Sarovar Hotels Pvt Ltd to launch a new hotel in Rajarhat within the next four months. Under this agreement, the Jain Group has allocated approximately INR 120 crore towards the project, with Sarovar Hotels entrusted with the management of the upcoming establishment.

The collaboration was formalised through the signing of a memorandum of understanding (MoU) between the Jain Group and Sarovar Hotels for the Sarovar Portico Kolkata Rajarhat project. According to Rishi Jain, Managing Director, Jain Group, the new hotel is scheduled to open its doors in July, offering a total of 128 rooms across four categories: suites, premium, deluxe, and standard.

Having already established a presence in the hospitality sector with the Holiday Inn, Kolkata airport under its portfolio, the Jain Group is now setting its sights on a bold Vision 2030. This vision aims to introduce 1,000 hotel rooms across West Bengal, encompassing upscale mid-market to luxury accommodations. Furthermore, the company intends to introduce three additional hotels in Siliguri, Durgapur, and Joka as part of its expansion strategy.

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