The Taj GVK Group is setting up a luxury hotel with 275 rooms at the Mumbai International Airport, Santacruz, with an investment of around Rs 110.25 crore.
Taj GVK Hotels & Resorts Ltd jointly with Greenridge Hotels & Resorts Private Ltd (Greenridge - a GVK Company) through its SPV Green Woods Palaces & Resorts Private Ltd are setting up the five-star hotel under the ‘Taj' brand.
In a disclosure to the stock exchanges, the company said necessary agreements to this effect have been entered into. Taj GVK in tranches would invest around Rs 110.25 crore in the hotel project.
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.