Praveg Limited receives LoA for Luxury Tourism Project in Meghalaya

Praveg Limited, India's leading eco-responsible luxury resorts company, announced that it has received the Letter of Award (LoA) on February 25, 2026, from the Directorate of Tourism, Government of Meghalaya for the Development, Operation and Maintenance of Luxury Cottages located at Umiam in Meghalaya under Design, Build, Finance, Operate and Transfer (DBFOT) mode on Public-Private Partnership basis.

The Company was declared the selected bidder for the project, and pursuant to the revised terms approved by the competent authority, the project envisages the development, operation and maintenance of a minimum of 40 (forty) luxury cottages on approximately 10 (ten) acres of land, along with allied amenities and supporting infrastructure. The Company is required to complete development and make the project operational on a year-round basis within 18 (eighteen) months from the Appointed Date.

The project has been granted a concession period of 30 (thirty) years, commencing from the Appointed Date, providing long-term operational visibility and revenue generation potential. The Company anticipates robust performance from the upcoming resort.

Commenting on the development, Dr. CA Vishnu Patel, Chairman and Managing Director of Praveg Limited, said, "We are pleased to receive the Letter of Award for this prestigious tourism infrastructure project at Umiam, Meghalaya. The project aligns with our strategy to expand ecoresponsible luxury hospitality offerings across emerging and high-potential destinations. We believe this development will deliver a distinctive guest experience while contributing to tourism growth, employment generation, regional economic development, and long-term value creation for all stakeholders."

The addition of this resort further strengthens Praveg's expanding portfolio of sustainable luxury hospitality assets across India. The project is expected to enhance accommodation capacity in Meghalaya, support destination development and reinforce the Company's asset-light concession-driven growth model.

Shares of Praveg Ltd was last trading in BSE at Rs. 256.80 as compared to the previous close of Rs. 261.60. The total number of shares traded during the day was 134592 in over 1014 trades.

The stock hit an intraday high of Rs. 266.05 and intraday low of 255.00. The net turnover during the day was Rs. 34716886.00.

Source : Equity Bulls

Keywords

Praveg INE722B01019 LoA LuxuryTourismProject Meghalaya