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Mergers & Acquisitions | 13 May 2011

Delta Corp Acquires 51% Stake In Daman Hospitality

by Deeshesh Chheda

Delta Corp Ltd has acquired 51% stake in @Daman_Hospitality Pvt Ltd (DHPL) for Rs.50 Cr.

The acquisition helps Delta to enhance its presence in the gaming and hospitality space.

Daman Hospitality runs 'Thunderbird Resorts', a five star deluxe resort situated in Daman, comprising of 176 rooms, having 30,000 sq ft for indoor events and 70,000 sq ft of leisure area including out door pools and other entertainment areas. The hotel has three bars and four restaurants.

The hotel also has a high end shopping arcade, spread over 8,000 sq ft. Construction of the hotel is substantially completed and Delta Corp will infuse further Rs.40 Cr to complete the project.

The project is expected to be ready in 6-8 months. Delta Corp, through its subsidiary, will also set up and operate a 60,000 sq ft casino in the property.

Transaction Reference: Press Release

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