Balaji Amines, chemicals manufacturer, has forayed into the hospitality business with the launch of its five star hotel, 'Balaji Sarovar Premier' in Solapur, Maharashtra.
The project, estimated to cost Rs 100 crore, has 129 keys facility. It will be managed by the Sarovar Group for 12 years.
The company has borrowed Rs 30-35 crore to part finance the project while the remaining was met through internal accruals. Balaji Amines is considering offering rentals a little lower than those available in cities due to stiff competition from small hotels in this region.
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