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NRI US INTERESTED to invest US$112 million in HOTEL SECTOR in ORISSA

April 7, 2006

A group of venture capitalists led by a Non-Resident Indian has shown interest in investing around Rs 5 billion (US$112 million) to set up a business process outsourcing (BPO) centre and hotels in four places of the state.

"Officials of information technlogy and tourism departments have made a brief presentation on business potential in the state on Thursday. Visibly impressed with the prospects, they have assured us to pump in around Rs 5 billion in it and hotel industry" state IT and Tourism minister Surya Narayan Patro said here on Thursday.

He said the group, led by NRI Prabhu Goel, was expected to submit a formal proposal to the state government very shortly.

"Goel said they were looking to start the BPO centre, for which they intended to invest Rs 1-2 billion, within three months time", Patro said.

The group also evinced interest in building hotels in four places -- Gopalpur, Konark, Puri and Bhubaneswar, the IT minister said, adding that they were ready to invest around Rs 3 billion in the project.

Goel was accompanied by Sushant Patnaik, Director of Azilon, a software company in silicon valley.

Sources said the group was also contemplating investing in power sector to make their venture "viable". (PTI)