New Delhi: The Competition Commission of India (CCI) has given approval for acquisition of Hotel Leelaventure’s Goa property by Malaysia-based MetTube.
As part of the debt restructuring plan, hospitality chain Hotel Leelaventure had entered into a pact with MetTube to sell the Goa property for Rs 725 crore.
Under the deal, the property would be purchased by Ceres Hotels Private Ltd, a wholly-owned Indian subsidiary of MetTube.
In a tweet, fair trade regulator CCI said it has approved the acquisition of The Leela, Goa, by Ceres Hotels.
CCI considered five-star deluxe/five-star hotels in Goa as the relevant market while looking into the deal.
As per the terms of a corporate debt restructuring (CDR) package, Hotel Leelaventure had to reduce its debt through sale of assets. It has a portfolio of owned as well as managed palaces and hotels.
MetTube is part of the Lord Bagri-promoted Metdist Group.