India's 12th-richest man sees hotel dollars in the Maldives

Le Meridien Kochi

Mfar Hotels & Resorts is the hospitality arm of the India tycoon's P Mohamed Ali's Mfar Group. It is now planning to invest around $100 million in a resort in the Maldives. It will reportedly fund the project through a capital raise from private equity groups. The company is also planning to set up a resort in Sri Lanka.

P J Mammen, COO of Mfar Hotels & Resorts, told the Business Standard that the company is planning to build a viable circuit connecting Maldives, Sri Lanka, Chennai and Kochi. He added, both these countries are well connected from Chennai and Kochi.

Presently, Mfar manages three hotels including Le Meridien Kochi, The Westin Chennai and Hormuz Grand Muscat, accounting for 671 rooms.

The Maldives resort is in the design stages now, according to the Business Standard, and will have 130 villas in total. There is also the potential of adding two more resorts at a later stage.

Mammen said the company will invest around $100 million and said it will look at raising money from PEs to fund the project.

In India, the company is reportedly looking at Bangalore and Hyderabad as part of company's future expansion.