India’s biggest engineering and construction company Larsen & Toubro Limited (L&T) has sold its Chandigarh property Elante Mall for a whopping Rs 1785 crore to the Carnival Group. The deal was announced in Mumbai on Wednesday.
Sources said L&T sold its prime property to bring down its debt which on March 31 stood at Rs 90,698.61 crore.
Spread over 20 acres, Elante Mall is largest mall in North India which attracted large crowds from neighbouring states on weekends.With over 1.5 million square ft retail space, Elante besides the Hyatt luxury hotel also hosted a cinema hall, restaurants and international brands. Experiencing full occupancy, the property was also a major source of revenue for the company.
Chandigarh administration will also benefit from the deal and is likely to earn a revenue of nearly rupees hundred crores (Rs 90 Crore) as the property transfer and registration fees.