Carnival Group in talks to buy L&T Realty's Elante Mall
Rs 1,900-crore deal is likely to be signed by next month
Oct 20, 2014
Source : Business Standard

 

Mumbai: Carnival, a media & entertainment group based in this city, is in advanced discussion with Larsen & Toubro (L&T) Realty to acquire the latter's Chandigarh mall, Elante.

People in the know say a Rs 1,900-crore deal is likely to be signed by next month. spread across 1.15 million sq ft. There are three distinct facilities - a retail mall, office complex & hotel with central courtyard. Construction of a 215-room five-star hotel of Hyatt Regency is on at the premises.

Sources say L&T had initially asked for Rs 2,500 crore and this has gone down to Rs 1,900 crore. Singapore-based sovereign fund GIC and private equity major Blackstone were also trying for a buyout.

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