Tata Capital’s private equity fund Tata Private Equity has purchased a 10% stake in Roots Corporation, which runs Indian budget chain Ginger Hotels.
The $550m Tata Opportunities Fund, the largest ticket-sized fund within Tata Capital’s private equity franchise, completed the Rs10bn ($191m) purchase, according to The Times of India.
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In 2004, Roots Corporation, an arm of the Indian Hotels Company (Taj Hotels), ventured into the budget hotel market through the launch of Ginger.
In 2010-11, the Ginger Hotels chain reported a loss of Rs88m and a turnover of Rs780m.
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