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
Holystone TFCI Fund targets a diversified yet focused approach to investing across multiple segments of the hospitality ecosystem. Our strategy is designed to identify opportunities across different stages of the business lifecycle, enabling flexible capital deployment while generally maintaining asset backing for downside protection. Our approach combines operational insight with financial discipline, enabling us to identify undervalued assets, optimize performance, and unlock long-term value in 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
Holystone seeks to provide structured funding solutions to underperforming businesses or special situation opportunities within the hospitality and allied sectors. These investments are structured with a focus on capital protection, defined cash flow visibility, and the potential for equity upside, with the objective of generating above-average risk-adjusted returns.
Operational Enhancement
Holystone identifies hotels that are in good physical condition but are underperforming due to sub-optimal management or ownership practices. Through a rigorous asset management framework, we seek to enhance operational efficiency by implementing improved management practices, appointing experienced operators, or introducing brand affiliations where appropriate.
Renovation and Repositioning
Holystone targets hotels located in strong demand markets that require renovation, refurbishment, or repositioning. Despite favorable locations, such assets may underperform due to aging infrastructure, inefficient layouts, management limitations, or outdated brand positioning. Selective renovations, brand upgrades, and room additions present opportunities to materially enhance asset performance.
Optimal Capital Structure
The fund deploys a balanced mix of equity and debt across acquisitions, renovations, working capital requirements, and leased or managed assets. Holystone follows a disciplined capital structuring approach with a preference for moderate leverage, ensuring financial flexibility, downside protection, and long-term sustainability of portfolio companies.
Our Core Team
Sanjay Kaushik | Managing Partner
- Global Advisor– Investment & Hospitality, GTTCI Trade Chamber
- Worked as Senior Regional Director, Operations, South Asia, Radisson Hotel Groups
- 30+ years of hospitality experience. Managing 50+ hotels with 6,000+ keys.
- Worked with highly reputed hospitality players including ITC, IHG, Raviz and Radisson Hotels Group
- Worked across functions in hospitality space incl. Government representation, owner relationships, guest experiences, new project developments, operations, internal processes, profitability enhancement, etc.
- Drafted and executed India Unification Plan- driven 10 percentage points in portfolio Gross Operating Profitability. Integrated hotels in Cluster to bring economics of scale.
- Winner of numerous awards including Best GM in Five Star Hotels, Best Luxury Wedding and MICE Hotel, Ten Club Status, TripAdvisor Certificate of Excellence, Best Hotel Manager by Kerela State Tourism, Most Profit Generating Hotel Award for IHG South Asia, Best General Manager, etc.
- Initiated facility management for two Global Summits “Vibrant Gujarat- 2017” and “African Development Bank– 2017”
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
