Kamat Hotels (India) announces termination of Joint Development Agreement for luxury hotel in Puri

Kamat Hotels (India) Limited has recently informed exchanges that the company decided to terminate its Joint Development Agreement (“JDA”) with Constrict Hospitality Private Limited. The agreement, which was initially entered into on January 24, 2024, aimed at developing a Five-Star Luxury Heritage Hotel in Puri, Odisha, through Mahodadhi Palace Private Limited, a wholly owned subsidiary of the Company.

After a thorough reassessment of the project’s potential, both parties to the agreement have mutually agreed to discontinue the venture with effect from January 1, 2025. The decision comes as the parties explore alternative opportunities that are deemed more favorable for the company’s long-term growth strategy.

Advertisement

Since the project is still in the approval stage with the Municipal Corporation of Puri, the termination of the agreement will not have any adverse impact on the Company’s operations. The Company is committed to strategically reallocating its resources to explore more viable opportunities that align with its business objectives