Prestige Estates Projects Ltd. Enhances Hospitality Business with ₹16.25 Billion Investment

Prestige Estates Projects Ltd., India's leading real estate developer, has sanctioned an investment of up to ₹16.25 billion in its step-down subsidiary, Prestige Hospitality Ventures Ltd. The development is part of a wider strategy to scale and strengthen its presence in the fast-growing hospitality sector.

 

The investment will be for existing and future projects in the hospitality vertical, such as the high-end Mulberry Shades Bengaluru Nandi Hills and shares in Prestige Leisure Resorts Pvt. Furthermore, assets and shares valued at ₹3.13 billion have already been received by the subsidiary, further integrating Prestige's hospitality assets under one umbrella.

 

The board has also approved a proposal to raise up to ₹50 billion through Qualified Institutional Placement (QIP), marking aggressive expansion and monetization of assets plans.

 

These moves indicate Prestige Estates' changing strategy to move beyond residential and commercial real estate and emerge as a leader in hospitality and lifestyle infrastructure.

 

Source:NDTV Profit,Reuters