15th Apr 2008 12:37
Promethean India PLC15 April 2008 For immediate release15 April 2008 Promethean India PLC Promethean India PLC invests in EIH Ltd. Promethean India Plc (AIM: PTHI) ("Promethean India") is pleased to discloseit's economic interest of 1.36% shareholding in EIH Limited ("EIH" or "theCompany") which was previously disclosed in Promethean India's final resultsstatement announced on 25 February 2008 as Project Hospitality. The economicinterest is held through its Mauritian subsidiary, Promethean India InvestmentsFund 2 ("Fund 2"). In addition, the co-investment vehicle of the Burman family,Promethean India Finance (PIF), has acquired a 0.20% stake in the Company. EIH is listed on the Bombay and National Stock Exchanges in India and is one ofIndia's leading hotel chains. EIH is the flagship company of the Oberoi Group,which owns or manages 33 hotels and five luxury cruisers across six countriesunder the 'Oberoi Hotels & Resorts' and 'Trident Hilton' brands. Promethean India's mandate and investment strategy calls for the Fund to investin both listed and private businesses in India.. Promethean India is excitedabout the prospects for EIH and believes that the current growth in bothinternational travelers visiting India and the rise in domestic travel willensure continued demand for the Oberoi Groups superior product offering.Currently, the Company operates approximately 2,500 rooms and has announcedmajor expansion plans to add 1,500 rooms over the next 3 years, including a 440room hotel in Bandra-Kurla, one of the best locations in Mumbai. The Companyalso owns one of the largest flight catering business in India and managesairport restaurants and corporate air charters. Promethean Indian believe thatthe Indian hotels sector is enjoying pricing power and despite the new supply,there is a shortfall in the number of hotel rooms needed. Gaurav Burman, a partner at Promethean Investments LLP commented, "The OberoiGroup has a premium brand image and highly valuable properties. There could wellbe a re-rating of the sector if hotels start trading on the basis of NAV as theynormally do in Asia. We feel we are investing in one of the best globalhospitality brands with a world-class management team. We look forward to theircontinued success." Enquiries:Gaurav Burman - Promethean Investments LLP +44 (0)207 479 7660Nandita Sahgal - Seymour Pierce Limited +44 (0) 207 107 8338 Promethean India plc is managed by Promethean Investments LLP which isauthorized and regulated by the Financial Services Authority. Notes to Editors: Promethean India PLC Promethean India PLC, an investment company that focuses on businesses that areestablished or operating in India, was admitted to trading on the AlternativeInvestment Market ('AIM'), under the ticker symbol PTHI for the Ordinary Sharesand PTHW for the Warrants. The Company raised £50 million (gross of expenses) via a Placing of new OrdinaryShares and Warrants. The Company and its subsidiaries are advised by PrometheanInvestments LLP (the 'Investment Manager') and by an Indian resident investmentadviser (the 'Investment Adviser'). Promethean Investments LLP Promethean Investments LLP is a specialist fund manager that focuses on activistprivate equity investing in both quoted and private UK and Indian businesses.Promethean aims to acquire an interest in public and private companies where itbelieves opportunities exist to create or unlock near-term value. It combinesactive management, financial leverage and flexibility to create bespoke dealstructures for quoted and unquoted companies. Promethean Investments LLP manages Promethean Plc, a £57 million AIM quotedprivate equity fund and also manages Promethean India Plc, a £50 million AIMquoted private equity fund that targets value and growth opportunities in India. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ECAP.L