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Our Bureau

Mumbai, Nov. 28

The Mumbai-based real estate major — Nirmal Lifestyles has signed an agreement with Accor to develop and operate a hospitality project in suburb of Mulund. Nirmal Lifestyles would be investing Rs 1,000 crore into developing the project, which would comprise malls, hotels and convention centres, while Accor would manage the property with its expertise as hospitality major.

Accor would bring in its hotel brands such as Sofitel, Novotel, and Grand Mercure Residences (serviced apartments). At a press conference, Mr Dharmesh Jain, CMD of Nirmal Lifestyles Group, said, "This agreement complements our contribution to Mumbai's vision of becoming a world class city. We started the mall business in 2000 and it is a logical extension for us to go into the hospitality industry. We may look at a initial public offering later."

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