Lemon Tree JV for Aurika Shillong Project

Lemon Tree Hotels Ltd announced a Joint Venture Agreement between its wholly-owned subsidiary, Carnation Hotels Private Limited, and RJ Corp Limited. The JV is for the development and execution of the Aurika Shillong project through a Special Purpose Vehicle, Arum Hotels Private Limited. RJ Corp will acquire a 49% stake in Arum by subscribing to fresh equity shares, while Carnation will retain a 51% stake. Consequently, Arum will transition from a step-down wholly owned subsidiary to a step-down subsidiary of Lemon Tree Hotels. The agreement details include RJ Corp subscribing to 47,65,394 equity shares of face value Rs. 10 each, and equal board representation for both parties.