TajGVK to set up five-star deluxe hotel near Mumbai airport
12 Dec 2011
Taj GVK Hotels & Resorts Ltd, a strategic alliance between GVK group and Indian Hotels Company Ltd, will set up a luxury hotel at the Mumbai International Airport.
The company has entered into necessary agreements to this effect. TAJGVK will invest around Rs110.25 crore in the hotel project in stages, according to filing with the Bombay Stock Exchange (BSE).
Taj GVK Hotels & Resorts Ltd (TAJGVK) jointly with GVK group company Greenridge Hotels & Resorts Private Limited will set up the 5 star deluxe hotel at Santacruz, near Mumbai International Airport Private Ltd (MIAL).
The company has set up a special purpose vehicle (SPV) called Green Woods Palaces & Resorts Private Limited (Green Woods) for setting up the project, according to the filing with the Bombay Stock Exchange (BSE).
The 5 star deluxe (luxury category) hotel project comprising 275 rooms will come up near Terminal 1C, Santacruz, MIAL, under the 'Taj brand.
The board of directors of the company had approved the investment at its meeting on 2 November 2011 subject to the completion of due diligence, which has been completed now.
The hotel project is likely to be commercially operational by mid 2014.
