Noida firm exploring GIP Mall deal for ₹2000 crore: Report

The Noida-based company wants to expand its presence in the retail and hospitality sectors.

Published on: Oct 17, 2023, 20:27:26 IST

By HT News Desk

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DS Group, known for Rajnigandha and Catch brands, is exploring the possibility of buying Noida's iconic Great India Place Mall complex. The deal is expected to be around ₹2000 crore.

The company wants to expand its presence in the retail and hospitality sectors, Live Mint reported, citing anonymous sources.

The complex, spread across 147 acres, including malls, vacant space, can be used to construct commercial and residential buildings.

The Appu Ghar Group and the Unitech Group had built the mall. Unitech now owns 42 percent of the mall while the rest is owned by other entities.

The complex is being sold as it is reeling under a debt of ₹1000 crore. The deal may provide a fillip to the firm's retail plans, another person told the paper on the condition of anonymity.

The Noida-based DS Group acquired Bengaluru's Viceroy Hotel in July. The bid will be part of the company's strategy to grow into retail and hospitality sectors.

A source told the newspaper that the company had been planning to pay for the Viceroy deal ( ₹300 crore) through internal accruals. However, it later secured a small loan. Its willingness to pay upfront shows funds aren't a problem for the company.

“We are always evaluating potential business opportunities but no bid has been submitted for Great India Place Mall," the company said in a statement.

DG Group's annual revenue was ₹5500 crore in FY 2023. It owns six hotels as well as retail and coffee chains, apart from its old businesses.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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