SPS fixes Rs. 5,000cr for hospitality & shipping biz

Kolkata : The West Bengal based SPS Group currently engaged in steel manufacturing has drawn up an ambitious plan to diversify into the hospitality and shipping business and has set aside a whopping investment worth Rs. 5,000cr for the purpose. The company has planned to invest Rs. 3,000cr in building world class luxury hotels and the remaining portion of funds would be invested in purchasing new shipping vessels and also in the expansion of its logistics capability, Chairman and Managing Director, Bipin Kumar Vohra said, adding that the company has already tied up with JW Marriott for the management of its hospitality centers.

Elaborating further he added that the company is building hotels in Kolkata, Durgapur and Siliguri in West Bengal and two similar projects have been planed for Bhubaneshwar in Orissa and Jaipur in Rajasthan. Likewise it is also entering into shipping and logistics business in a big way as it has already earned fame in the steel business for manufacturing elegant brand of product and has steel making units at Durgapur, Jharsugda and Himachal Pradesh.