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DS Group explores Rs 2,000 crore deal to acquire Noida's Great India Place Mall: Reports

The decision to sell the complex has arisen due to its substantial debt burden, which amounts to ₹1000 crore. This transaction is anticipated to invigorate the company's retail expansion ambitions, as indicated by an undisclosed source.

Edited By: Nitin Kumar @Niitz1 Noida Updated on: October 18, 2023 9:06 IST
Noida
Image Source : TWITTER Great India Place Mall view in Noida

DS Group, recognised for its popular brands such as Rajnigandha and Catch, is actively exploring the prospect of acquiring Noida's iconic Great India Place Mall complex, in a potential deal estimated to be valued at ₹2000 crore. 

Venturing into retail and hospitality: According to reports by Live Mint, anonymous sources have disclosed that the DS Group aims to expand its presence in the retail and hospitality sectors, thus motivating its interest in this significant deal.

An expansive complex: The Great India Place Mall complex sprawls across 147 acres, encompassing malls and available spaces suitable for the construction of both commercial and residential structures.

Historical background: The complex was originally developed through the collaborative efforts of the Appu Ghar Group and the Unitech Group. Presently, Unitech holds a 42 percent stake in the mall, with the remaining shares being owned by various other entities.

Strategic acquisition: In July, DS Group, headquartered in Noida, acquired Bengaluru's Viceroy Hotel. This potential bid aligns with the company's strategic vision to further establish its footprint in the realms of retail and hospitality.

Financial facilitation: It has come to light that DS Group had initially intended to finance the Viceroy Hotel acquisition, valued at ₹300 crore, through internal accruals. Nevertheless, the company later secured a minor loan, signifying its robust financial standing.

Official statement: In response to the ongoing speculations, the DS Group issued a statement, stating, "We are always evaluating potential business opportunities but no bid has been submitted for Great India Place Mall."

Strong market presence: DS Group, with an annual revenue of ₹5500 crore in FY 2023, has already established its eminence in various sectors. The conglomerate owns six hotels, along with retail and coffee chains, bolstering its position in addition to its existing businesses.

Also read | Rolls-Royce slashes up to 2,500 jobs in bid to make company more 'streamlined and efficient'

Also read | India third most optimistic market globally, heading in right direction: Ipsos Global Survey

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