The Oberoi Hotels group have announced their plans to acquire an equity stake in a Pune-based firm for a total consideration of Rs 254 crore. The acquisition is to develop a mixed use project, including a Trident Hotel and a commercial complex for a total investment cost of Rs 972 crore. 

The Oberoi group’s main company, EIH Ltd, will purchase a 51% equity investment in Muttha Towers II Pvt Ltd, a hospitality and commercial real estate company situated in Pune. As of the end of March 2024, the company’s total assets were valued at Rs 175 crore. 

The company added that Muttha Towers II Pvt Ltd was founded in 2019 and owns a land parcel of around 1.7 acres. 

EIH Ltd said, “Investment in the target company will enable (EIH Ltd) to expand its business operations.”

The planned Trident Hotel would occupy 1.81 lakh square feet and have a capacity of roughly 175 keys. According to the document, the proposed commercial complex will span 4.08 lakh square feet and include office space as well as retail businesses that specialise in food and beverage.

According to EIH, the development’s commercial activities are anticipated to start in Q1 of FY 2029–2030.

In a different filing, EIH Ltd. stated that it will invest in a new business that will be formed in the UK and operate hotels in London. By eventually subscribing to up to 12.75 million shares of GBP 1 each, EIH will hold a 51% equity stake in EIH London Investments Ltd.

“Investment in the target company in the UK will enable (EIH) to have a hotel presence in London, with the UK being a key source market,” said EIH in the filing.

The UK company would invest roughly GBP 15 million to build The Oberoi, London, a deluxe hotel for both domestic and foreign guests. The hotel is scheduled to open for business by the end of the 2027–2028 fiscal year.

The Delhi High Court’s order prohibiting Oberoi Group holding entities from transferring shares owned by the late PRS Oberoi made headlines over the weekend, affecting EIH Ltd. The lawsuit concerns a custody battle between the children of PRS Oberoi over significant EIH interests and a family villa.