Future Capital Holdings, the financial services arm of Kishore Biyani-promoted Future Group, has mothballed its plans to open hotels.
The company floated a fund -- to which Lehman, the US investment bank, made some initial commitment -- to set up a string of four- star and five-star hotels.
In February, the fund was $200 million strong, expected to go up to $300 million. This did not happen as Lehman Brothers collapsed, according to people in the know.
The exact Lehman commitment is not known; Future insiders say it was supposed to put in $100 initially.