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Oberoi Hotels’ flagship company, EIH Ltd, is set to acquire a 51% equity stake in Pune-based Muttha Towers II Pvt Ltd for INR 254 crore. The investment will support the development of a mixed-use project, which includes a Trident Hotel and a commercial complex, with a total project cost of Rs 972 crore.
Muttha Towers II Pvt Ltd, incorporated in 2019, holds assets worth INR 175 crore as of March 2024 and owns a 1.7-acre land parcel. EIH stated in its stock exchange filing that this acquisition will help expand its business operations.
The planned Trident Hotel will feature approximately 175 keys, spread across 1.81 lakh square feet, while the commercial complex will include office spaces and food and beverage retail outlets over 4.08 lakh square feet. The project is expected to commence commercial operations in Q1 of FY 2029-30.
source: The MINT
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