Taj GVK Hotels & Resorts Ltd, a strategic alliance between GVK group and Indian Hotels Company Ltd, will be setting up a luxury hotel with 275 rooms at the Mumbai International Airport. The company in a notice to the Bombay Stock Exchange said it will invest around Rs 110.25 crore in tranches in the hotel project and added that the companies have entered into necessary agreements to this effect.
Taj GVK, jointly with Greenridge Hotels & Resorts Private Ltd (Greenridge is a GVK company) through its special purpose vehicle Green Woods Palaces and Resorts Private Ltd, will be setting up the five-star hotel under the Taj brand near Terminal 1C of the Mumbai International Airport.
The board of directors of the company had approved this investment at its meeting held on November 2, subject to the completion of due diligence, which has been completed now. The hotel project is likely to be commercially operational by mid-2014. Shares of Taj GVK closed at Rs 74.50, down by 2.30 per cent, on the BSE on Monday.