Carnival Group to earn rental income after acquiring the IT Park in Kochi
Asian Business Connection, the holding company of the Carnival Group has acquired the IT Park in Kochi from the company owned by the promoters of Leela Group for Rs 280 crore. The Mumbai-based Carnival Group seems to be very satisfied with this deal as the property is spread over 6.5 acres and brings in good rental income. Out of the total 6.5 acres, around 5 acres has special economic zone (SEZ) status.
Leela Lace Holdings, the promoter group firm and the current owner of the property, earns around Rs 30 crore annually through lease rentals from the 53 tenants of the total four towers.
ShrikantBhasi the chairman of the Carnival Group mentioned that the main objective of acquiring this park is asset creation and lease rental income. The Carnival Group does not want to disturb the existing business model and plans to run the IT Park the way it was run by the previous owners. Hence it is a big relief to the existing tenants too.
Vivek Nair the CMD of the Hotel Leela venture mentioned that Leela Lace is a privately held company and the money raised will be used for future expansion plans.
Bhasi also mentioned that the Carnival Group is financing the transaction through internal accruals. The company is currently in talks for acquiring two more IT parks including one more in Kerala and the other one in Chennai.
Source- The Economic Times
Carnival Group, Hotel Leela venture, IT Park in Kochi, Leela Group, Money, rental income, special economic zones
