Gujarat’s Elecon Engineering is increasing its hospitality exposure by at least another Rs40 crore. It is very bullish of its Rs100 crore, 81-room five-star Madhubhan resort and spa in Anand, Gujarat and plans to invest the Rs40 crore in phase two of the resort project.
According to Elecon’s chairman and managing director, Prayasin Patel, the resort is expected to break even in five years. “After reviewing its performance, we will consider projects outside Gujarat,” he said.
Phase two of the luxury resort will include a theme restaurant, a discotheque and service apartments aimed at ageing NRI’s looking to escape the freezing winters in the West.
