Luxury hotel chain, Hotel Leelaventure plans to take up hotel management contracts in Pune and Hyderabad for pan India presence.

It has also decided to reduce the debt by selling its non-core assets and issuing equity shares.

The company is expecting to get about Rs 950 crore from these sales or joint development, Hotel Leelaventure said in a statement here.

The company has decided not to pursue acquiring the land at present on lease, in Bangalore, Mumbai and Goa against issue of shares, but to renew the present lease agreements for a long term tenure, it said.

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