Mukesh Ambani-led Reliance Industries (RIL) is planning to acquire Hotel Leelaventure’s business park in Chennai to house its headquarters for its 4G operations, according to reports.
Vivek Nair, vice-chairman and managing director, Hotel Leelaventure reported, “The deal has been finalised with RIL for Rs1.72bn and we are just waiting for the documents to be exchanged.”
The Leela business park is part of the 6-acre land that also houses a 11-storeyed hotel – the Leela Palace with 326 rooms and suites, says report
There are reports that the property with the business park is situated on seafront with Chennai’s main business district in close proximity.
India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.