Advent Hotels Forms 50:50 JV with Prestige Estates for ₹504 Cr

Advent Hotels International Ltd has executed an Investment Agreement with Prestige Estates Projects Limited to form a 50:50 joint venture for its subsidiary, Advent Convention and Hotels International Limited (ACHIL). Prestige Estates will acquire a 50% stake in ACHIL for ₹504 Crores. This transaction transforms ACHIL from a wholly-owned subsidiary into a joint venture entity. The deal aligns with a prior framework agreement for the joint development of a strategic land parcel in Mumbai, which was previously owned by Esteem Properties and subsequently transferred to ACHIL as the SPV for the project.