Following is an excerpt from a report on this.

The UK-based Dawnay Day Group plans to invest $1.2 billion to set up four-star properties in the country over the next 10 years.

It has already committed $200 million in the Indian hospitality market. …

Mandeep Lamba, managing director, Dawnay Day Hotels India, told DNA Money that an initial public offer (IPO) over the next 4-5 years could not be ruled out either.

The current commitment of $200 million is being funded through internal accruals. Already, land has been acquired in Pune, Ahmedabad, Jaipur, Lucknow, Bangalore and Hyderabad. Prospective properties are likely to come up in Chennai, Bhubaneswar, Chandigarh, Coimbatore, Mumbai and Kolkata.