Hero Groups forays into hospitality sector

September 5th, 2011 - 10:07 pm ICT by IANS  

New Delhi, Sep 5 (IANS) Hero Group Monday said it had bagged a bid to develop a five-star deluxe hotel in Gurgaon.

“Looking at the huge growth potential and dynamic social changes, we see room for a high end hotel in this part of national capital region (NCR),” said Pankaj Munjal, Managing Director, Hero Motors, the flagship company of the group.

According to Munjal, the region requires high-end hotel rooms as there was growing demand due to economic growth and expansion.

The company said that it will only develop the property and give management control to international operations and management companies.

The group owns manufacturing and technology companies such as Hero Cycles, Hero Motors, Munjal Kiriu and ZF-Hero chasiss systems and has a debt free balance sheet with over Rs.1,000 crore free cash.

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