Carnival Group has agreed to buy the commercial real estate projects of Larsen and Toubro Ltd (L&T) in Chandigarh for Rs 1,785 crore.
The acquisition includes commercial real estate project Elante Mall, Hyatt luxury hotel, and an office premises with central courtyard.
“This acquisition is a part of asset creation for the group as an investment portfolio. This acquisition will help us further expand our capabilities and allow us to make inroads into newer markets. This project will be operated as a separate unit and will be led by our India-based management team,” said Srikanth Bhasi, Chairman, Carnival Group.
The acquisition of the said property is significant as it will enable Carnival Group to widen its portfolio and help the company achieve leadership position in the retail sector.
This project will be operated as a separate unit. “This project has got good rental yield,” said A C Dinesh, Director of Finance, Carnival Group.