In an effort to tap on one of the world’s fastest growing economies, the Ascott Group has expanded into India with a master development agreement with the Rattha Group to acquire and develop seven properties in the southern states of Tamil Nadu, Andhra Pradesh, Karnataka and Maharashtra by 2010, reports Ehotelier.com

The total investment from Ascott and Rattha for the seven properties is estimated at Rs 10 billion (US$220 million). With a combined total of at least 1,000 rooms, they will form a part of Ascott’s target of notching up 2,000 rooms in India by 2010.

The two companies have also signed a joint venture agreement to acquire the first serviced residence in Chennai. Somerset Greenways is located in the MRC Nagar area, which is a short drive to the CBD and Information Technology Corridor, and is set to open in the first half of 2008. It will have 210 units.

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