Holystone TFCI Hospitality India Fund
Participate in the growth opportunities of India’s hospitality sector
A sector-focused Alternative Investment Fund dedicated to risk adjusted investment opportunities across India.
About Holystone
Holystone TFCI Hospitality India Fund aims to tap the investment opportunities in the Indian hospitality and allied sector with select real estate investments.
Powered by the decades of rich hospitality sector experience of Tourism Finance Corporation of India (TFCI), we aim to generate risk-adjusted returns for our investors. The fund shall prefer high yielding underperforming investment opportunities with turnaround potential. The fund targets to develop a hybrid portfolio of equity deals of owned assets and structured funding deals to underperforming and performing hospitality and allied businesses.
Our Investment Strategy
The fund targets a focused (sector) yet flexible (instrument) approach to investing across multiple segments of the hospitality ecosystem
Value Creation Opportunities in Portfolio Companies
Holystone focuses on value creation across its portfolio by addressing cash flow gaps, improving asset performance, and optimizing capital structures within hospitality-led investments. Our approach combines operational expertise with disciplined financial structuring to enhance long-term value.
Funding Support
Often underperforming assets run short of optimal funding in the business owing to various reasons. Adequate funding support towards debt resolution, working capital restoration, and refurbishments can create value enhancement.
Operational Enhancement
Renovation and Repositioning
Optimal Capital Structure
The fund deploys a balanced mix of equity and debt across acquisitions, renovations, working capital, and managed assets. The fund aims optimal capital structuring approach with a preference for moderate leverage, downside protection, and long term sustainability of portfolio companies.
Our Core Team
Sanjay Kaushik | Managing Partner
- Global Advisor– Investments & Hospitality with Global Trade & Technology Council, a leading global trade chamber
- Hospitality industry veteran with 30+ years of leadership experience spanning hotel operations, business growth, investments and enterprise transformation
- Former Senior Regional Director– Operations, South Asia at Radisson Hotel Group, with nearly 7 years of strategic leadership experience
- Successfully led and managed a portfolio of 50+ hotels and over 6,000 keys across South Asia markets
- Associated with leading hospitality brands including ITC Hotels, IHG Hotels & Resorts, Raviz Hotels & Resorts and Radisson Hotel Group
- Recognised for driving large-scale business transformation, operational turnaround and profitability enhancement initiatives across hospitality portfolios
- Architect of strategic operational frameworks including Hotel Clustering, India Unification Plan, Centres of Excellence and Procurement Consolidation models
- Extensive expertise in revenue optimisation, operational restructuring, asset enhancement, strategic alliances, hospitality investments and growth acceleration
- Worked closely with government-led hospitality and tourism initiatives to strengthen institutional collaboration and elevate industry standards
Manish Didwania | Managing Partner
- MBA from XLRI and a Chartered Accountant
- Worked with KPMG, Corporate Finance and Standard Chartered Bank
- 20+ years experience in Mergers & Acquisitions, Private Equity fund raise, Valuations, Business Turnaround and Commercial Banking
- Helped set up Turnaround & Restructuring practice at KPMG India
- Co-Founded, investment banking firm Whitewater Corporate Advisory
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Notable transactions include:
• Sale of Manipal Packaging business to JK Paper
• Fund raise for Primacy Industries– a Manipal Group entity
• Turning around for Marksans Pharma, Kinetic Group, Tilaknagar Industries
• NCLT resolutions for Olive Lifesciences, Kings Electronics
• Lanco Solar acquisition under liquidation in NCLT
• Ruchi Soya JV MoU with Adani Wilmar
• Lehman Brothers administration, Sangli Bank merger with ICICI Bank
Lalit Sharma | Managing Partner
- MBA from Indian Institute of Foreign Trade (IIFT), New Delhi
- 22+ years professional experience
- Ex GM and India Business Head of Sumitomo Corporation India
- Strong experience in operations, M&A and large business management
- Handled big teams of 1,000+ people across departments as a business head
- Turned around loss making businesses (Maruti Suzuki JV, auto businesses)
- Headed the setting up of production lines for Maruti Suzuki plants in Haryana and Gujarat
- Part of Sumitomo’s new business development team. Represented Indian entity in discussion across global forums several times.
- Successful setup of a leasing business for Sumitomo in India through takeover of an Indian leasing company
- Entrepreneurial venture in the Agri platform for farmers and supply chain management
- Spearheaded in setting up of a JV with the Cooperative Department of Government of Uttarakhand
Co-Sponsor TFCI
Holystone Advantage
Holystone follows a disciplined, research-led investment strategy focused on acquiring and managing hospitality assets with strong fundamentals and scalable growth potential.
Fund Advisors
Legal Advisor
Custodian
Trustee
Merchant Banker
Tax Advisors
Banker
