Abante enters hospitality space, aims to generate Rs 1,000 cr revenue in 5 years

Mumbai, Dec 4 (PTI) Facility management services provider Abante on Wednesday announced its entry into the hospitality sector and said it is aiming to generate Rs 1,000 crore revenue over the next five years as part of a strategic plan.

The company said it is gearing up to hit the capital market with an IPO in the near future, without delving into specific details.

The new division under the brand Lusso Hospitality will specialise in managing high-end clubs, sports facilities, and food and beverage (F&B) operations, Abante Integrated Facility Management said.

As part of its ambitious growth strategy, Abante announces its entry into the hospitality sector with the launch of its new brand, Lusso Hospitality, the company said.

Abante's new ventures, including its foray into hospitality, are part of a larger strategic plan "aiming to generate Rs 1,000 crore in revenue over the next five years", the company stated.

It also said the company is confident that its "innovative approach" and expansion into diverse sectors will drive significant growth and solidify its position as a market leader in integrated facility management and hospitality.

"Abante is experiencing rapid growth. We are also preparing for an IPO in the near future, marking an exciting step forward in our journey," Abante CEO Arvind Kumar said. PTI IAS TRB