Carnival Group acquires Leela Infopark in Kerala

The acquisition is a part of asset creation for the group, said Carnival Group chairman Shrikant Bhasi

Mumbai: Carnival Group, promoted by Shrikant Bhasi, has acquired Leela Infopark at Technopark in Thiruvananthapuram for 142 crore.

The deal was closed on 9 August, about a year after the binding contract was signed, Carnival Group said in a statement on Monday.

“We are already into multiplex, hospitality, media and entertainment and this acquisition was a part of asset creation for the group. We plan to add more office space at Leela Infopark within a year," said Carnival Group chairman Shrikant Bhasi.

The acquisition was made through share buyout of Aushim Soft Pvt. Ltd, a co-developer of Technopark and part of the hospitality firm Leela Group.

“The funds were arranged partly through promoter’s equity and partly through the group’s internal accruals. We are expecting lease rental of around Rs19 crore per year from Leela Infopark," said Carnival Group director finance A.C. Dinesh.

Leela Infopark was developed in 2008-09 by Aushim Soft. It has two buildings constructed on 3.55 acres of land with office space of 500,000 sq. ft and car park block of over 100,000 sq. ft.

Leela Infopark is one of the largest IT parks in the country promoted by the government of Kerala and is spread over 300 acres of land. The park is strategically located, just 10 km from Thiruvananthapuram International Airport.

This is the second such acquisition by the Mumbai-based Carnival Group which took over the IT infrastructure of Leela Group in Kochi in July 2014 for 280 crore.

Last week, Carnival Cinemas Ltd, a part of Carnival Group completed the acquisition of multiplexes businesses from Reliance MediaWorks, part of Anil Ambani group, for 700 crore.

Earlier this year, Carnival Group had acquired Glitz Cinemas which is a part of Capital 18, a subsidiary of Mukesh Ambani’s Network 18 Media and Investments Ltd. In July 2014, Carnival Group acquired HDIL’s Broadway for 110 crore.

Close