To pare debt, Country Club To pare debt, Country Club To pare debt, Country Club To pare debt, Country Club to shed nonto shed nonto shed nonto shed non----core assetscore assetscore assetscore assets

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.

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.

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-

pare-debt-country-club-to-shed-noncore-

assets/article6662244.ece

and for Country Club Vacation membership check

http://www.countryvacationsholiday.com/member

ships.html

Find Country Club Vacation Blogs @

http://countryclubvacationindia.wordpress.com/

http://countryclub-india.blogspot.in/

http://countryclubvacation.blogspot.in/

Contact County Club Official Sites

http://www.countryclubindia.net/

http://www.countryvacationsindia.com/