Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

Prestige Estates Subsidiary to invest in DB Group's Hotel Project in Delhi

Posted On: 2019-10-02 11:35:02

Prestige Hospitality Ventures Limited ("PHVL"), a wholly owned subsidiary of Prestige Estates Projects Limited and Bamboo Hotel and Global Centre (Delhi) Private Limited, a DB Group entity have entered into an investment agreement for developing Hotel, Convention Centre and Office Space at Hospitality District of Indira Gandhi International Airport, New Delhi.

India's leading realty firm Prestige Estates Projects Limited (Prestige) will invest alongside DB Group into building India's one of the largest Hotel and Convention Centre at DIAL Aero City in Delhi. The total investment is to the tune of Rs. 2,000 crores, which is the balance required to complete the project and Prestige will bring in Rs 355 crores for 50% equity stake in the Joint Venture.

DB Group had acquired the development rights on the 7.70 acre land parcel in 2009 from DelhiInternational Airport Limited. The excavation work on the project land has been completed and the proposed time to complete this project is by 2022.

The Project spread across 7.70 Acres Land, abutting the existing JW Marriot Hotel. It will be India's oneof the largest hotel with about 932 keys, a convention facility of over 2,00,000 sqft (20,000 seat capacity) and office spaces with business centre of about 650,000 sqft. The development will have a total built-up area of about 3.5 Million sqft in the Hospitality District of Indira Gandhi International Airport, New Delhi.

The Companies have executed the agreement on 1st October, 2019, the transaction was brokered by JLL India's Executive MD, Mr. Juggy Marwaha.

Commenting on the strategic alliance, Mr. Irfan Razack, Chairman, Prestige Group, "This strategic collaborative model will help us make an impactful entry into NCR region. We will continue to invest and leverage our expertise to build a wide range of real estate developments across key locations in India. This transaction is in line with our strategy of steady, focused acquisition, and capitalize on consolidation opportunities. Having recently set our foot into NCR market with a mid-income housing project, we are now growing with this mixed use development, which is next in line. We look forward to bringing our brand and culture of care to this city.

Commenting on the transaction, Mr. Venkat K Narayana, Chief Executive Officer, Prestige Group "This transaction retains a great deal of upside potential for all the stakeholders. Once operational and stabilized, the hotel and the convention centre is expected to register NOI of Rs 300 crores and Office space to register NOI of Rs 170 crores. Currently the Group has 8 operating luxury hotels with 1,262 keys and 297 keys under construction. The addition of this new asset with 932 keys will further strengthen our hospitality business, making it to 2,491 keys portfolio."

Shares of PRESTIGE ESTATES PROJECTS LTD. was last trading in BSE at Rs.284.85 as compared to the previous close of Rs. 288.6. The total number of shares traded during the day was 1944 in over 320 trades.

The stock hit an intraday high of Rs. 291.35 and intraday low of 280.4. The net turnover during the day was Rs. 554413.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

Multi Commodity Exchange of India Ltd Board approves dividend of Rs. 30

The Great Eastern Shipping Company Ltd reports loss of Rs. 50.68 crore in Q4 FY20

CreditAccess Grameen Ltd Q4 FY20 consolidated PAT slips to Rs. 28.84 crore

Amber Enterprises India Ltd Q4 consolidated PAT at Rs. 62.84 crore

Mercury Laboratories Ltd Q4 loss at Rs. 0.35 crore

Moody's downgrades India Infoline Finance Limited to B1 from Ba3, ratings remain under review for downgrade

Mercury Laboratories Ltd Board recommends Dividend of Rs. 2 for FY20

MCX Q4 consolidated net profit up at Rs. 65.50 crore

Lemon Tree Hotels Ltd board approves fund raising proposal

Amara Raja Batteries Ltd reports Q4 FY20 consolidated net profit of Rs. 137.30 crore

Seshasayee Paper and Boards Ltd board recommends dividend of Rs. 4

IDBI Bank Back in Black, registers Net Profit of Rs. 135 crore in Q4 FY 2020 after 13 Quarters

Polycab India Ltd reports Rs. 213.93 crore consolidated PAT in Q4 FY20

KEI Industries Ltd posts consolidated PAT of Rs. 62.03 crore in Q4 FY20

Seshasayee Paper and Boards Ltd Q4 FY20 consolidated PAT at Rs. 48.01 crore

The Great Eastern Shipping Company Ltd board declares interim dividend of Rs. 2.70

Kotak Mahindra Bank allots 6.5 crore shares at Rs. 1145 per share

Affle India Ltd Q4 consolidated PAT up YoY at Rs. 15.28 crore

Advanced Enzyme Technologies Ltd board recommends dividend of Rs. 0.60

RCF's Q4 2019-20 profit after tax rises over 190 % over Q4 2018-19

Eris Lifesciences Ltd board to consider Q4, FY20 results on June 2, 2020

Advanced Enzyme Technologies Ltd Q4 consolidated PAT at Rs. 31.33 crore

Kaveri Seed Company Ltd Q4 FY20 consolidated net profit at Rs. 7.57 crore

Kanpur Plastipack Ltd Board recommends final dividend of Rs. 0.60 for FY20

Techno Electric & Engineering Company Ltd to sell its stake in JKTPL

NLC India Limited raises Rs. 500 crore through Commercial Paper

Kanpur Plastipack Ltd Q4 PAT at Rs. 0.47 crore

CRISIL updates on rating of Jubilant Life Sciences Limited

KRBL Limited board to announce Q4, FY20 results on June 9, 2020

Sagar Cements Ltd reports Rs. 1.29 crore consolidated PAT in Q4 FY20

Procter & Gamble Health Ltd posts Rs. 46.46 crore PAT during the quarter ended March 31, 2020

Customer Service a Priority: Maruti Suzuki announces extension of free service and warranty

Suven Life Sciences Ltd board to consider Q4, FY20 results on June 5, 2020

Everest Industries Ltd Board recommends dividend of Rs. 1 for FY20

ESAF Small Finance Bank Profit Soars 110%

Lemon Tree Hotels Ltd Q4 FY20 loss at Rs. 17.91 crore

IndiGo announces the appointment of Dr. Venkataramani Sumantran as an Independent Director

Sundaram Finance FY20 Net Profit at Rs. 724 crores, revenues up 16% at Rs. 3842 crores

KPTL announces execution of share purchase agreement for divestment of stake in Jhajjar KT Transco Transmission Asset

YES Bank acquires 24.19% in Dish TV India Ltd through invocation of pledged shares

V-Mart reports 16% revenue growth and 61% increase in EBITDA y-o-y in FY20

India Ratings Maintains Union Bank of India on RWE

CRISIL assigns 'CRISIL AAA/Stable' Rating on Rs. 500 crores NonConvertible Debenture (NCD) Programme of M&M

SCI Q4 consolidated PAT at Rs. 111.05 crore

IndiGrid announces execution of share purchase agreement for acquisition of Jhajjar KT Transco Private Limited

The Shipping Corporation of India Limited board recommends final dividend of Rs. 0.75

Sundaram Finance Ltd Board recommends Final Dividend of Rs. 3

Equitas Holdings Ltd Q4 consolidated PAT slides to Rs. 14.59 crore

Metropolis Healthcare Ltd Q4 consolidated PAT drops to Rs. 15.49 crore

VOLTAS Ltd Q4 consolidated PAT up at Rs. 158.66 crore

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019