Gaming and hospitality player Delta Corp is jointly setting up a real estate development platform for residential redevelopment in the Mumbai Metropolitan Region (MMR), along with plotted development in and around MMR, Alibagh, Khopoli, Karjat and Pune, the company informed stock exchanges on May 8.
The platform - with an investment of Rs 765 crore - will be set up in partnership with Alpha Alternatives Fund Advisors LLP and affiliates (AA group) along with Peninsula Land.
The company added that the real estate platform will be the sole vehicle for such projects and make an investment of Rs 90 crore (11.76 percent), while AA group will invest Rs 450 crore (58.82 percent) and Peninsula Land (PLL) will deploy Rs 225 crore (29.42 percent).
PLL will act as the development manager of the projects undertaken by the platform entities, the statement said.
"This opportunity is part of our ongoing investments out of our internal accruals, while remaining debt free, to grow and diversify our business. Our focus however remains on our core businesses of gaming and allied hospitality with majority of our capex and investments being made to expand our core business," Delta Corp said.
The company had plans to invest in its offline business over the next two years to get back to a profit margin of at least 38 percent, Chief Financial Officer Anil Malani told Moneycontrol earlier this year.
Delta Corp has put its online gaming expansion plans on hold after the GST rate was hiked to 28 percent.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
