EIH net profit dips

While announcing the results, the vice-chairman and managing director, P R S Oberoi stated that quot;though there was a setback to the hotel industry in the previous year, we are hopeful that the outlook for the current year will improvequot;. He further stated that quot;the company has been successful in its bid for the hotel site located atInternational Finance and Business Centre in Bandra-Kurla complex in Mumbai. The company wil build a 500 room Trident hotel at this site. The cost of the total is expected to be in the region of Rs 400 crore.

Oberoi also announced that work has commenced on a 175 room Trident hotel in Pune. This hotel is expected to cost Rs 115 crore. The company will manage deluxe Oberoi brand hotels which are under construction in Chennai 325 rooms and Agra 104 rooms, which are both opening in 1999. New Trident brand hotels in Udaipur and Cochin are expected to open in the next few months.