Chalet Hotels is on the radar after brokerage Ambit initiated coverage on the stock with a 'buy' rating. Sanjay Sethi, MD & CEO of the hotel, spoke to CNBC-TV18 about the company's business plans and growth prospects.

"We have always been confident of the business model that we operate in," Sethi said on Tuesday.

Talking about the deleveraging, he said, “We have already deleveraged, so we are down to Rs 1,500 crore from Rs 2,600 crore pre-IPO; we are at a comfortable situation as far as debt is concerned and now we are looking at growth through organic as well as inorganic needs.”

On the business front, Sethi said, “We have 3 hotels under development which will add about 580 odd rooms and we have 2 office towers which will be under development; one is already under development and other is going to be under development very soon which will add 1.1 million square foot of office space.”