EIH Limited has disclosed plans to invest in a mixed-use development project in Pune. The investment was approved during the company’s board meeting on September 15, 2024, in accordance with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements, 2015.
The project will include the construction of a Trident Hotel with approximately 175 rooms, spanning 1.81 lakh sq. ft., as well as a commercial development featuring office spaces and retail outlets focused on food and beverages, covering 4.08 lakh sq. ft. The total estimated cost of the project is Rs. 972 crores, with commercial operations expected to begin in the first quarter of FY 2029-30.
EIH Limited will acquire a 51% stake in Muttha Towers II Private Limited, the entity overseeing the development, through a cash investment of approximately Rs. 254 crores. The acquisition will enable EIH Limited to expand its business operations in both the hospitality and commercial real estate sectors.
Muttha Towers II Private Limited was incorporated in 2019 and owns a parcel of land measuring 1.70 acres. The company had total assets worth Rs. 175 crores as of March 31, 2024.
EIH Limited’s acquisition is not classified as a related party transaction, and no promoter or group companies have any interests in the target company. The transaction is expected to be completed within 90 days.
Key Highlights:
- Trident Hotel with 175 rooms and commercial development in Pune.
- Project cost: Rs. 972 crores, with operations commencing in FY 2029-30.
- EIH Limited to acquire a 51% stake in Muttha Towers II Private Limited for Rs. 254 crores.