Mumbai: TAJGVK Hotels & Resorts Ltd, or TAJGVK, on Monday said it is setting up a five-star deluxe (luxury category) hotel with 275 rooms near terminal 1C of Mumbai International Airport, under the ’Taj’ brand.
The company, in tranches, would invest around Rs 110.25 crore in the hotel project, which is likely to be commercially operational by mid 2014.
TAJGVK is a joint venture, formed through a strategic alliance, between the Indian Hotels Co Ltd (IHCL) and the Hyderabad based GVK Group in 1999.
The proposed hotel is developed jointly with Greenridge Hotels & Resorts Pvt Ltd, a GVK company, through its special purpose vehicle Green Woods Palaces & Resorts Pvt Ltd.
In a communication to stock exchanges, the company said necessary agreements to this effect have been entered into and the board of directors of the company had approved this investment at its meeting held on 2 November 2011 subject to the completion of due diligence, which has been completed now.