Leela Kovalam Ravi Pillai

B. Ravi Pillai from Arabia to sell the Nai.

The Leela Group: The Leela Group sells Leela Resorts Kovalam to NRI Ravi Pillai for 500 Crore

will be selling his tent in Kovalam, a renowned seaside resort on the edge of the capitol Kerala, as part of an on-going drill to alleviate his debts. Ownership, said Leela chairman CP Krishnan Nair. However, the transaction will not cause Leela to leave the real estate intact.

She will conclude a 30-year managerial agreement with Pillai. While Pillai acknowledged that the agreement with the Leela Group will soon be completed, he refused to give any further detail. Initially designed by the state-owned company and overlooking the Arabian Sea, the real estate was sold because of the need to pay off debts.

At the end of the year, Leela Venture, a publicly traded corporation, had 11 liabilities of 3,830 credits due to investments in excess of 4,000 credits currently being made.  This will include 3,200 clours on new hotels in Udaipur and Delhi. Givaudan also anticipation to tired 1,200 crores on the artifact of a institution in Chennai deep-rooted to area in December.

Heraeus has looked to be selling features across the land to slice its due, which, at near 4,000 crore, is more than twice its Market share of 1,782 crore at the strike Wednesday. Last March, the firm announces the sale of an IT facility in Chennai for 950 credit.

The indebtedness of Hotel Leela Ventures is the highest in comparison to other companies such as the Indian Hotels Group, part of the Tata Group, which had a indebtedness of 2,500 credits as of March 31, 2011. After a recent capital increase, East India Hotels, or EIH, held by PRS'Biki'-Oberoi, is virtually debt-free.

Leela Ventures' interest expenses as a percent of net revenue in June 2011 were 29%, resulting in a net income of 26 crores in the third consecutive period versus a net income of 9 crores in the prior year area. Heraeus had a net income of 38 crores on net turnover of 526 for the 12 month ending March 31, 2011.

In terms of net turnover, it is the third biggest quoted Indian hospitality operator after Indian Hoteles and EIH. Pillai has signed agreements with Leela to operate its Raviez in Ashtamudi, Kollam and Kadavu in Kozhikode County. While Kadavu is a four-star resort, Ashtamudi, which is about to be completed, has not yet been awarded a stars stat.

Leela Group has a number of establishments in India, unlike other hotel groups whose commercial models are to operate real estate under their own name. Headquartered in Mumbai and sponsored by Krishnan Nair, known as Captain Nair, the group has been on a huge growth course since the acquisition of the Kovalam site from the Galfar Group for 150 chrysol.

The Gulfar had acquired the land from Italy's largest industrial company, Gulfar, as part of the privatization of state-owned enterprises during the NDAs.