December 13, 2011: The TAJ GVK Hotels and Resorts Ltd is investing around Rs 110.25 crore in setting up a five star hotel at Mumbai International Airport. A GVK group company, Greenridge Hotels & Resorts Private Ltd, will build the 275-room hotel that will bear the Taj brand name. TAJGVK has informed the stock exchanges that the hotel will be commercially operational by 2014.
On November 2, the TAJGVK Board of Directors met and agreed to invest around Rs 110.25 crore in the hotel project, paid in tranches. The Board of Directors approved this investment but made it conditional upon completion of due diligence. In the filing, the company said that due diligence was already completed. The new hotel in Mumbai Airport will be set up through a Green Woods Palaces and Resorts Private Ltd., special purpose vehicle created for the project.
TAJGVK owns and operates one five star hotel each in Chennai and Chandigarh along with four five-star hotels in Hyderabad. According to TAJGVK website, .the company is also expanding its reach into the value for money market, starting work on its first "Ginger" hotel project near Hyderabad’s the Shamshabad airport.