Carnival buys mixed use project from L&T for Rs 1,785 crore

Shrikant Bhasi-promoted Carnival Group today said it has acquired a commercial real estate project in Chandigarh from L&T group for Rs 1,785 crore. 

The project includes Elante Mall, Hyatt Luxury hotel and office space.

"The acquisition of the property will enable Carnival Group to widen its portfolio and help the company achieve leadership position in the retail sector," Carnival said today.

Shrikant Bhasi, Chairman of Carnival Group said, "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 has allowed us to make inroads into newer markets. This project will be operated as a separate unit and will be led by its current India-based management team.”

Carnival Group has been on an acquisition spree. This is Carnival Group’s third real estate acquisition after Leela Infopark (Kochi) & Leela Technopark (Thiruvananthapuram). The Group also bought out ‘Big Cinemas’ multiplex business of Anil Ambani’s Reliance Group. The Group early this year, also acquired Glitz Cinemas, which was a part of Capital 18, a subsidiary of Mukesh Ambani’s Network 18 Media.

Diversified Carnival group owns brands like ‘DBell’, ‘Café Sabrosa’ and ‘Rasam’ in their hospitality segment alongwith Carnival food courts. Carnival Group shares interests in media and entertainment with segments like movie production, international concerts, reality shows and wedding planning in India and overseas.