Hospitality company Toshali Resorts International today said it will invest over Rs 115 crore in the next three years in new projects and may sell about 20 per cent stake to raise funds to finance the expansion.

Delhi-based Toshali Resorts, a part of TK International that operates three resorts -- one each in Goa, Puri and Shimla -- will soon start construction of a 100-room hotel property in Bhubaneswar, Orissa.

"We have a Rs 100-crore hotel project coming up in Bhubaneswar and have also taken long lease for four properties of the Orissa government in the Buddhist Circuit which will be operated by us with an investment of around Rs 15 crore," said Toshali Resorts International Director Marketing Harihar Patra.

Asked about the financing plans for the projects, he said the company is considering equity dilution of up to 20 per cent to raise the funds required for expansion.

"We may also look at other ways of raising funds such as bank loans and commercial borrowings," Patra added.

The company's current annual turnover is Rs 22 crore and is expected to grow around 30-35 per cent annually once the new projects are operational, he added.

The new hotel project in Bhubaneswar is likely to start in the next couple of months and will take three years to get completed.

PTI