RCS - Eco Hotels UK PLC - Eco Hotels UK plc l BSE listed company takeover

Reliance IndustriesAnnouncement

18/05/2023 08:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230518:nRSR7989Za&default-theme=true

RNS Number : 7989Z  Eco Hotels UK PLC  17 May 2023

ECO HOTELS UK PLC COMPLETES REVERSE TAKEOVER OF BSE LISTED INDIAN SUBSIDIARY

 

17 May 2023

 

 

ANNOUNCES THE COMPLETION OF ITS TAKEOVER OF BSE LISTED SHARAD FIBRES &
YARNS LIMITED RENAMED AS ECO HOTELS AND RESORTS LIMITED AND ACQUISITION
THROUGH SHARE SWAP OF ECO HOTELS INDIA PRIVATE LIMITED

 

ECO HOTELS UK PLC

Corporate action of takeover and acquisition through share swap completed

Restructuring of team with new key personnel appointed

Launched a £6 million fundraise via preferential allotment to roll out circa
700 rooms

 

Corporate update

Eco Hotels UK Plc ('Eco Hotels' or 'Company'), the world's first Carbon Net
Zero premium value hotel brand, announces the completion of its takeover of
BSE listed Sharad Fibres & Yarns Limited (renamed as Eco Hotels and
Resorts Limited) and acquisition through share swap of Eco Hotels India
Private Limited. Eco Hotels is an incubation project of Red Ribbon Asset
Management Plc (http://www.redribbon.co/) , UK, a Mainstream Impact Investment
company.

The Group is continuing the restructuring of its operations through division
of roles and appointment of new key personnel.

Eco Hotels and Resorts Limited as the holding company of the Group in India
will operate the hotel properties, whilst its subsidiary Eco Hotels India
Private Limited will become the property development and refurbishment arm of
the Group.

Eco Hotels and Resorts Limited has appointed Vinod Tripathi as the Executive
Chairman. Vinod has worked for 14 years with Reliance Capital as President.
Prior to that he held various senior positions in government owned enterprises
and worked as senior bureaucrat in the Income Tax Department, Government of
India.

Vikram Doshi has been appointed as the Chief Financial Officer. Vikram is a
Chartered Accountant and Company Secretary with more than 15 years of
experience. He has previously held roles within Ernst and Young (handling
Vedanta Group, Reliance Industries, BASF), Reliance Capital and Nayara Energy.
His roles have been in the fields of finance, accounts, mergers and
acquisitions, investment banking, taxation, compliance and audit.

Makarand Javgalelar as Head of Projects. Makarand is a Civil Engineer with
over 35 years of experience and has been engaged by companies including The
Oberoi, ITC Hotels and Dalmia Resorts. He has a proven track record in project
management, civil as well as architectural project execution. His core
competencies include execution, procurement and contract management. Apart
from hotels, he has also been part of residential, commercial and mixed use
townships and developments.

Sameer Desai has been appointed as Company Secretary. Sameer is a qualified
and experienced Company Secretary with over 10 years of experience. He has
previously been engaged by Indian multinational companies in the fields of
corporate, legal, RBI and SEBI compliances. He is a Graduate of Law and holds
a Masters Degree in Commerce.

As part of the restructuring, Abhijeet Umathe, will stand down from his role
as CEO and continue as Special Advisor to the Board. He will also assist the
team in sourcing properties across the country.

 

Corporate Strategy

Eco Hotels UK Plc has developed the world's first Carbon Net Zero hotel brands
that has been launched in India, where the greatest opportunity lies for rapid
growth and large scale roll out. Eco Hotel's vision is to create a premium
value hotel chain that supports sustainable hospitality without compromising
on customer experience. Eco Hotels is tailored to meet the needs and
expectations of the conscious traveller, both business and leisure. It has two
brands: The Eco™ a 3-star premium brand and Eco Inn™ a 2-star budget
brand. These hotels will deliver superior guest services in a market, which is
facing a severe shortage of rooms within the mid-scale and budget categories.

The roll out plan for Eco Hotels consists of two phases:

● Phase I: Acquire existing properties, refurbish to Eco Hotels Carbon Net
Zero standards, rebrand and operate and/or acquire one or more operating
companies with an existing portfolio of hotel assets to increase the operating
inventory to circa 400 keys (4 to 5 properties). Initially, the Company will
target assets in the western and northern regions namely Mumbai, Goa, Pune and
Delhi NCR.

● Phase II: Eco Hotels intends to roll out new build properties through its
proprietary EBOT franchise programme to increase inventory to circa 5,000
rooms by year 5.

 

Rapid roll out of new build properties will be done through the active use of
steel modular buildings technology of Modulex (BSE:MODULEX
(https://www.bseindia.com/stock-share-price/modulex-construction-technologies-ltd/modulex/504273/)
), another incubation by Red Ribbon Asset Management Plc, UK. The technology
of Modulex enables it to deliver a 100 room hotel from start to finish within
52 weeks. These buildings will be certified as Carbon Net Zero, designed using
AI for maximum space efficiency, IOT enabled using smart sensors to capture
live data and manufactured on a quality assurance programme built on
blockchain. Modulex is currently constructing the world's largest steel
modular buildings factory in Indapur, District Pune, which will be led by a
senior team of UK modular buildings industry leaders.

 

Management Quotes

"I am delighted to be part of the journey and look forward to taking the
Ecological and Economical promise to the discerning Indian hospitality
marketplace. The balanced approach of Eco Hotels is an exciting proposition
and we as a team will execute the vision", said Vinod Tripathi, Executive
Chairman of Eco Hotels and Resorts.

"The travel market in India is projected to reach US$125 billion by FY27 from
an estimated US$75 billion in FY20. With Eco Hotels, investors will have
access to an established and scalable route to the Indian hospitality market.
With the exponential growth in hotel demand post covid, the Indian Hotel and
Tourism sector is set for a sustained growth over the next decade. Eco Hotels
is well-poised to fully capitalise on this demand through the use of modular
buildings technology under the stewardship of Vinod Tripathi" said Jay
Krishnan, Executive Director of Eco Hotels UK Plc.

 

Company website: www.ecohotelsglobal.com (http://www.ecohotelsglobal.com/)

Corporate Enquiries: jay@ecohotelsglobal.com (mailto:jay@ecohotelsglobal.com)

Press Enquiries: ojasvi@pointmarketing.co (mailto:ojasvi@pointmarketing.co)

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAFLFSTEIIDLIV