BANGALORE: Infosys CEO SD Shibulal’s daughter Shruti Manchanda, who turned an entrepreneur two years ago, is set to expand her hospitality venture.
Manchanda, who owns slightly less than one per cent stake in Infosys, which according to the current market price is worth ?1,350 crore, plans to invest up to ?150 crore for setting up a hotel in Kerala and a resort in Tamil Nadu.
A Columbia Business School graduate, she is currently based out of New York and is also actively involved with the management of the family’s assets through Innovations Investment Management, the single family office (SFO), which takes care of all Shibulal’s personal wealth.
Innovations Investment was formed in 2005-06 to serve as an SFO for Shibulal and his family. Over the last eight years, the company handled all the global tax and compliance issues for the family members. In terms of investments, almost 100 per cent of the assets under management were cash or cash equivalents.
Since then, it has developed a portfolio, predominantly comprising real estate assets. The company has also created an investment platform for the family in Germany. Tamara Real Estate Holding & Development is the hospitality venture of Innovations. She is also a director on the board of Tamara.
The total shareholding of Shibulal and his family in Infosys is about 2.2 per cent, which amounts to ?4,507 crore as per today’s stock price.
N Senthil Kumar, Director and CEO ofTamara , told Business Line the company will develop properties in Thiruvananthapuram in Kerala and Kodaikanal in Tamil Nadu, apart from expanding the existing resort in Coorg, Karnataka.
The Thiruvanathapuram property will be developed into a 108-room hotel. The Kodaikanal property will be developed into a 54-key resort. Tamara has properties in White Field near Bangalore, another one near Kochi and two more in Guruvayur and Madurai.