The beleaguered Infrastructure Leasing & Financial Services Ltd (IL&FS) has kick-started the process of exiting its investments in the Indian hospitality industry. An IL&FS investment arm, IL&FS Investment Managers Ltd (IIML) holds a majority stake in Apodis, which in turn owns 90% stake in IntelliStay that operates hotels across four budget hotel brands - i-Stay, Mango.Hotels, Mango.Suites and Apodis Collection. This means IIML will completely exit its investment in the hospitality business by December-end this year. It added that the hotel company generated positive cash flow from operations in this period. If we apply the same ratio to the Rs 59.50 crore (Rs 70 for a USD) revenue as per TripBorn, the Ebitda comes to around Rs 9.5 crore.

Source: dna May 02, 2019 23:26 UTC