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Indian hotel chain Oyo sets up venture with SoftBank

Move seen as part of company's global expansion in luxury segment

A receptionist at an OYO hotel, India's largest and fastest-growing hotel chain, waits for customers at a property in New Delhi in September 2018.    © Reuters

BANGALORE -- Gurugram-based hospitality chain Oyo Hotels & Homes -- one of the few "decacorn" (startups valued over $10 billion) companies from India -- is making quick moves, with a three-pronged strategy to consolidate its position as the world's third-largest hospitality company.

Oyo's parent company, Oravel Stays, has partnered with SoftBank Group-owned entity SB Topaz to set up two joint ventures in India: Mountainia Developers and Hospitality, and MyPreferred Transformation and Hospitality, local news outlet The Economic Times reported, citing Oravel's regulatory filings accessed by data platform

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