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

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.

GIP, Noida(Wiki Commons)
GIP, Noida(Wiki Commons)

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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