India-based hospitality company Toshali Resorts, part of TK International, is to invest over Rs1.15bn ($23m) in new projects over the next three years.

The company will sell a 20% stake to raise funds and will soon start construction of a Rs1bn, 100-room hotel property in Bhubaneswar, capital of Indian state Orissa.

The new project will be completed within three years, according to The Economic Times.

Toshali Resorts marketing director Harihar Patra said that the company has also taken out a long lease for four state government properties in the Buddhist Circuit, which will be operated with an investment of Rs150m.