 "India's real estate sector, significantly buoyed by a robust economy, has emerged as a pivotal player in the country's development. With an 18 per cent share in national employment, real estate is the largest employment generator after agriculture. C")
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East India Hotels Limited (EIH), the parent of the Oberoi group of hotels, said on Tuesday that it will not proceed with its proposed investment in a mixed-use project in Pune.
In September last year, the company had announced an investment of Rs 254 crore to acquire a 51 per cent equity stake in Pune-based Muttha Towers II Private Limited. This was to develop a mixed-use project comprising a 175-key Trident Hotel along with commercial space.
The total cost of the project was estimated at Rs 972 crore.
"Due to the evolving nature of business, EIH Limited determined that it would be beneficial for the parties not to proceed with the proposed investment," the company stated in an exchange filing.
The company, meanwhile, recorded a 20.5 per cent year-on-year (Y-o-Y) increase in consolidated net profit to Rs 264.45 crore in the third quarter ended December 31. It had reported a net profit of Rs 219.30 crore in the same period last year.
Its revenue from operations saw an uptick of 8 per cent to Rs 800.17 crore from Rs 741.26 crore in the same period last year.
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