Chaudhary Group to build 3 hotels in Sri Lanka worth US$ 20 mln
View(s):The Chaudhary Group is to construct three hotels worth US$ 20 million in Sri Lanka, Binod Chaudhary, Chairman Chaudhary 
Group said.
“We have identified three locations – Dambulla, Nuwara Eliya and Kandy to build high-end hotels with our luxury hotels brand, Zinc Journeys,” he told the Business Times on the sidelines at the second day of the Commonwealth Business Forum. He added that each will be a 20 to 30-room hotel.
His company, Cinnovation has made inroads into the global hospitality market spanning four continents through its hospitality holding company – Zinc Holdings. Zinc’s hotel management company, Zinc In Vision Hospitality currently has management contracts for 11 hotel properties and is planning to bring under the Zinc brand umbrella over 25 hotels by 2015, Mr. Chaudhary said.
He said that while they completed the first phase of Colombo’s Taj Samudra Hotel’s refurbishment within six months and also in time for commonwealth Heads of Government Meeting (CHOGM), they will start its second phase of refurbishment immediately after the CHOGM. Zinc Holdings has financial investments in 12 hotels and resorts managed by leading brands such as Taj Group of hotels, Amaya, Jetwing hotels and Hilton, Mr. Chaudhary said. He added that they’re still awaiting the final nod from the local authorities on the cement project in Jaffna. “CG Cement Global Pte Ltd was set up as a holding company to function as the cement arm of the group for cement projects and allied entities that are under operation or being set up in various countries worldwide,” The Jaffna project will be set up through this company, he added.
Mr. Chaudhary added that his Cinnovation group is looking to set up a global platform for financial services with Sri Lankan banks. “We’re negotiating with leading local banks to take them to a global platform with our Nepalese Nabil Bank Ltd, subsidiary, Nabil Investment Banking Ltd (Nabil Invest) which is promoted jointly by a Nabil Bank along with CG Finco. It offers Underwriting, Portfolio Management, Advisory Services like, Investment Advisory, Mergers and Acquisitions, Project Counseling, Loan Syndication and Valuation.”
He said that the Chaudhary Group will be happy to find an opportunity to bring the Wai Wai noodle brand to Sri Lanka. “The best known product under the CG Foods arm is Wai Wai Instant Noodles, one of Nepal and India’s most popular instant noodles brands.” Other noodle brands include Wai Wai quick, Bingo, Tenz, Mama, Soaltee, miMi, Sathi and Rin Tin. Further, Fried snacks, Wafers and potato chip brand include Kwiks, Tic Tic and Zomm, he said. (Duruthu)