Hospitality major the Oberoi Group announced that EIH would use approximately Rs 900 crore out of the Rs 1,178.86 crore lifted during the last month from a rights issue to retire debt.

The company is presently under growth mode and would append novel properties in the country as well as overseas by the next four years (2014).

After kicking off its novel luxury hotel in Gurgaon, which has been constructed at a cost of Rs 400 crore, Oberoi Group Chief Planning Officer and Joint Managing Director Arjun Oberoi stated, "Majority of it (proceeds from the rights issue), around Rs. 900 crore, will be used to retire debt and some part will be utilised for setting up flight kitchens."

While commenting on the group's growth proposals, Mr. Oberoi stated, "We are in the process of opening five new properties, which will be primarily management contracts along with some equity. The growth will come from management contracts and this model will be the priority for us."

By the coming year, the Oberoi Group will launch a novel hotel in Hyderabad accompanied by Dubai, whilst in 2013, it would append another property in the city.

By 2014, Oberoi Group projects to open up a novel property at Marrakesh in Morocco, accompanied by a resort in Oman.

Oberoi Group is also eyeing the European market for future growth.

While talking about the group's succession proposals, Chairman P. R. S. Oberoi stated that he was not retiring yet.

"P. R. S. Oberoi as Chairman and CEO of EIH and the Oberoi Group leads the senior executive team and has no plans to retire or step down," he said in a declaration, refusing media reports he had appointed his son Vikram Oberoi to succeed him.