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Sunil Mittal, chairman of Bharti Airtel, is likely to invest around Rs 6,800 crore in hospitality properties in London, according to reports. The investment would fund acquisitions made by his son-in-law, Sharan Pasricha, who owns a hotel chain in the US and Europe.
The investment will help Pasricha in expanding his business abroad by setting up new hotels. The billionaire is likely to use funds from Bharti Group’s company that manages the fortunes of founding family members.
This is not the first business to be run by Pasricha. Before entering into the hospitality business he ran a media startup. He spent three years with the media company before returning to India to take over leather manufacturing business, which was a loss-making entity at that time. He married Eiesha Bharti in 2009 and returned to England. He also completed his MBA at London Business School during that time, while working with Better Capital, which is a private equity investment firm.
After completing his MBA in 2011, Pasricha founded Ennismore backed by a group of investors. Pasricha forayed into the hospitality industry in 2012 after acquiring Hoxton Hotel in Shoreditch.
Hoxton is known for its affordable pricing and the chain currently has two hotels in Shoreditch and Holborn, which is in the neighbourhood of London. It also owns a hotel in Amsterdam and Paris.
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