VELAN HOTELS Share price

Velan Hotels Ltd (VHL) was incorporated as a private limitedCompany on March 211990 and was later converted into a publiclimited company on June 151992. The Company was established forthe purpose of operating hotel and other tourism relatedservices. VHL had proposed to set up Hotel Greenfields at SouthTirupur with 68 rooms at an estimated cost of Rs.500 lakhs andcommence commercial operations by October 1992. Due tounforeseen circumstances like communal disturbances there wasdelay in implementing the project and there were cost and timeoverruns. Meanwhile to attract foreign business travellersthe Company also decided to upgrade facilities and increaseaccommodation. The hotel commenced operations in stages asunder:July 1993 Commercial operations of 40 rooms speciality restaurant and swimming pool.September 1993 Commissioning of additional 22 rooms bar and health club.July 1994 Modern power semi automatic laundrySeptember 1994 Commissioning of 8 deluxe suites.