Jetwing goes to India
Jetwing Hotels is the latest to venture out to the Indian shores with a management contract it has signed with Kerala Balers (Pvt) Ltd, a coir exporting company, to manage a hotel in Kerala.
"We signed a management contract in Cochin, Kerala last December with Kerala Balers, which is the largest coir exporters in Kerala," Hiran Cooray, Deputy Chairman Jetwing Hotels told The Sunday Times FT.
He said this Indian company had owned the land and the building situated on the backwaters of Cochin for the last 40 years. "The land, which housed an old warehouse and factory was idle and we approached the Kerala Balers through Hayleys Plc, who were doing business with them," Cooray explained. He said Jetwing has been looking at this location for the last two to three years. "Finally we were connected through Hayleys Plc," he said. He said the project investment is from the Indian firm, but Jetwing will be managing the hotel.
"Kerala Balers will be building a 31 room and 3-suite small luxury hotel, but they are a waiting approval to do so from the authorities. We will be managing the hotel for them," he added. He said Jetwing's reasoning behind venturing to India is to balance the company's business risks. "We have all our eggs in one basket at the moment and we want to go to other destinations in order to diversity our risks," he said.