The Ascott group, headquartered in Singapore has signed an agreement with the Chennai-based The Ratha group to develop seven properties in India by 2010. Under the agreement Ascott will manage the properties for a period of ten years. On the same lines two companies have also signed a joint venture agreement to acquire the first serviced residence in Chennai.
The manager of Ascott, Cameron Ong said, " Our strategy for India is to capitalize on opportunities in key high-growth emerging markets, while we set up a foothold in key gateway cities.
Says H.S.Ratha, CEO of the Ratha
group, " This joint venture brings together two successful players with strong international and local expertise".
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