Israel's Dan Hotels to come up in Bengaluru in July
Israel's leading hotel chain, Dan Hotels, is set to venture into India by opening its property in Bengaluru in July, its first overseas facility outside the Middle East.
"If all goes well and regulatory requirements are met quickly, the hotel will be operational in July," a senior executive at Dan told PTI.
The 230-room luxury hotel is coming up close to Bengaluru's high-tech park and will have easy access to it.
"We chose Bengaluru because it presents us with a good opportunity given that so many Israeli tech companies have a presence in the city," the official said, adding that the hotel chain would look to explore further opportunities in other Indian cities in the future.
The Dan Hotel in Bengaluru is being built with an investment of about USD 50 million and the project is being carried out through its wholly-owned subsidiary, Dan Hospitality India Private Ltd, business daily Globes reported earlier.
The chain has 14 operational facilities in Israel spread across seven strategic locations.
From USD 200 million in 1992 (comprising primarily trade in diamonds), bilateral trade reached USD 5.19 billion in 2011. Since then, it has, however, stagnated around USD 4 - 4.5 billion with bilateral trade (excluding defence) for 2015 being USD 4.14 billion.
Though trade in diamonds constitutes more than half of bilateral trade, trade has diversified in recent years to include sectors such as pharmaceuticals, agriculture, IT etc.
Israeli companies have invested in India in energy, renewable energy, telecom, real estate, water technologies, and are also setting up R&D centres and production units in India