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Emirati business tycoon wants to buy Leela Hotels (Lead)

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New Delhi, Jan 15 (IANS) Emirati business tycoon Rashid Al-Habtoor has evinced interest in acquiring the Leela Group of Hotels in India with an equity infusion of about USD 600 million (about Rs. 4,200 crore) and has made an offer in a letter to Finance Minister Arun Jaitley and the hotel.

Al-Habtoor, who is also a leading polo sports icon of the Gulf region has offered to make the investment in Hotel Leelaventure Ltd through the Foreign Direct Investment (FDI) route and pay the entire debt of the lender institutions as well as Asset Reconstruction Company that might be approximately $600 million including the open offer to the public for acquisition of their shares as SEBI norms.

In the letter dated Jan 15 containing a “revised offer” to Jaitley, Al-Habtoor, who had visited India last week, said: “We understand that time is an essence and the entire transaction has to be completed by March 31. We are therefore conducting a macro due diligence of the company.”

“Simultaneously, our legal team will work on he binding documents required for the transaction which can be executed on completion of due diligence procedures,” he said in the letter also addressed Rajnish Kumar, Chairman of SBI, the lender to the hotel, Vivek Nair, Chairman and Managing Director of Leelaventure and Anil Bhatia, Managing Director and CEO of JM Financial Asset Restructuring Company (JMARC).

In June last year, Leelaventure Board had approved an enabling resolution that would allow it to transfer a majority stake to JMARC.

Al-Habtoor and his group have a net worth of $5 billion consisting of assets held globally. He is the founder and CEO of Al-Habtoor Trading Enterprises and owns the Habtoor hotel chain.

Enclosing the details of their networth issued by their UK solicitors, he said his representative team would be pleased to visit India to meet Jaitley in order to take this forward.

He said the offer letter is valid for only seven days from Jan 15 and could be extended by request from the receivers and written approval from their side. However, he made it clear that the Letter of Interest doe not in any way constitute an obligation or commitment on either the Indian government or the Leelagroup or his affiliates.

Leelaventure, which has a debt of about Rs.3,000 crore, has hotels in Mumbai, Delhi, Chennai, Gurugram and Bengaluru. Its share on the BSE went up by 0.34 per cent to Rs. 14.90 from its previous close of Rs.14.85.

Canadian Asset Managing Company (AMC) Brookfield had last year made an offer to buy the Leela Group for about Rs.4,500 crore.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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