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Balaji Amines plans hotel in Maharashtra
24 February 2010: Hyderabad based Balaji Amines (BAL) is setting up a three-star hotel at a cost of about Rs 30 crore at Solapur in Maharashtra.
The company has already finalised a deal with the Sarovar Group for managing the hotel being set up in an extent of 1.5 acre.
According to sources, the hotel was conceived for utilisation of its vacant land and also keeping in view the future developments in and around Solapur where NTPC, Bharat Forge and Thermax among others were establishing their units.
BAL, which has two manufacturing units, one at Tamalwadi in Maharashtra and another at Bollarm here, has also embarked upon a Rs 60-crore expansion project to be completed by August 2010. The expansion project will be funded through Rs 40 crore of term loan and Rs 20 crore of internal accruals. The Maharashtra Industrial Development Corporation (MIDC) has allocated 40 acre to the company at Tamalwadi where its manufacturing unit is located.
Source: Business Standard