TAJGVK to set up five-star hotel near Mumbai international airport

TAJGVK Hotels & Resorts Ltd (TAJGVK) will set up a five-star deluxe (luxury category) hotel with 275 rooms near terminal 1C of Chhatrapati Shivaji International Airport in Mumbai, under the 'Taj' brand. According to a report in The Live Mint, the company would invest around Rs 110.25 crore in tranches in the hotel project, which is likely to be commercially operational by mid-2014.

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 various stock exchanges, the company said that 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 November 2, 2011 subject to the completion of due diligence, which has been thus completed.