Navi Mumbai Trident hotel project ‘on hold’ over CRZ clearance: EIH

By: |
Kolkata | August 2, 2018 12:10 AM

Hospitality major EIH, which runs hotels and resorts under the Oberoi and Trident brands,has said its planned hotel project in Navi Mumbai is currently “on hold” as the project is still awaiting a CRZ approval from the government.

The Oberoi Trident Mumbai.

Hospitality major EIH, which runs hotels and resorts under the Oberoi and Trident brands, on Wednesday said its planned hotel project in Navi Mumbai is currently “on hold” as the project is still awaiting a Coastal Regulation Zone (CRZ) approval from the government.

According to an agreement between EIH, the flagship company of The Oberoi Group, and Reliance Industries, the Trident-brand hotel in Navi Mumbai will be managed by the former, while the latter will own the property.

Reliance Industries, through Reliance Industrial Investments and Holdings, holds a stake of 18.53% in EIH, according to the latest annual report of the hospitality major. Under the plan, the Navi Mumbai project will be coming up on a plot owned by RIL.

“The Navi Mumbai project is on hold,” The Oberoi Group executive chairman PRS Oberoi told shareholders during EIH’s 68th annual general meeting in Kolkata. Later, talking to reporters during a media conference, Oberoi said, “I think there is some problem. It (project) is close to the coast. I think in any country, to get (environment) approvals is becoming difficult. It takes a long time to get an approval.”

He, however, stated that “we don’t criticise the government” on environmental issues.

Oberoi said in order to become an “asset light” hospitality major, going forward the company would focus more on managing properties rather than owning them. “We own too much real estates. We had taken a decision that we should also try managing hotels.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Flipkart expands grocery services to over 50 cities
2UPI volume, value contract for first time in 10 months even as YoY growth nearly doubles
3RIL’s Mukesh Ambani only Indian in Hurun Global Rich List top 10; India adds a billionaire every week