Praveg gains on secuing 30-year concession for luxury cottage project in Meghalaya

Praveg added 1.13% to Rs 259.70 after it has recived letter of award (LoA) from the Directorate of Tourism, Government of Meghalaya, for the development, operation and maintenance of luxury cottages at Umiam in Meghalaya.

The project will be executed under the Design, Build, Finance, Operate and Transfer (DBFOT) model on a public-private partnership (PPP) basis.

Praveg has been selected as the bidder for the project, which involves the development of a minimum of 40 luxury cottages on approximately 10 acres of land, along with allied amenities and supporting infrastructure.

The company is required to complete the development and make the project operational on a year-round basis within 18 months from the appointed date.

The project carries a concession period of 30 years from the appointed date, offering long-term revenue visibility. The company expects strong performance from the upcoming resort, strengthening its presence in the premium eco-tourism segment.

Dr. CA Vishnu Patel, Chairman and Managing Director of Praveg Limited, said, We are pleased to receive the Letter of Award for this prestigious tourism infrastructure project at Umiam, Meghalaya. The project aligns with our strategy to expand ecoresponsible luxury hospitality offerings across emerging and high-potential destinations. We believe this development will deliver a distinctive guest experience while contributing to tourism growth, employment generation, regional economic development, and long-term value creation for all stakeholders.

Praveg is a pioneer in eco-responsible luxury hospitality. The Companys resorts are located in areas of significance from a cultural and heritage point of view and places of exotic and natural beauty.

The company's consolidated net profit rose 2.1% to Rs 9.28 crore on 66.6% increase in revenue from operations to Rs 90.45 crore in Q3 FY26 over Q3 FY25.

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