Resort operator Country Club India Ltd plans to sell its non-core assets, and expand its residential real estate business even as the company is trying to pare its debt of over Rs.350 crore.

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CHENNAI, DECEMBER 4:
Resort operator Country Club India Ltd
plans to sell its non-core assets, and
expand its residential real estate
business even as the company is trying
to pare its debt of over `350 crore.
Following a slowdown in the hospitality
sector, Country Club, which operates 55
resorts across the country and a 100-
room hotel in Dubai, recently informed
stock exchanges that it would get rid of
its non-core assets to reduce debt in the
next couple of years.

2. Besides, the company will not incur any
major capital expenditure for two years.
The company has launched its first
housing project in Bangalore under the
brand Osadia Realty. Work on the 370-
apartment project has already begun
and the realisation could be over ` 200
crore, said Y Rajeev Reddy, Chairman
and Managing Director of Country Club
India.
Two more projects are planned in
Bangalore and Hyderabad. It also has
got approval for developing a 28-acre
township at Shamshabad in Hyderabad.

3. The company closed the year 2013-14
with a turnover of `500 crore and
expects to close the current financial
year with `600 crore. Country Club
borrowed over `300 crore a few years
ago from various banks on a long-term
basis to redeem $30-million worth of
unsecured FCCB (foreign currency
convertible bonds), and earmarked the
rest for property renovation and setting
up stand-alone fitness centres in India
and West Asia. But since new
investments are of a long gestation the
company hopes to pay off debt through
these real estate projects, Reddy said.
Check the source link online at
http://www.thehindubusinessline.com/companies/to-

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