The company has invested nearly Rs 100 crore in Peninsula Land.
India.- Delta Corp will return to the real estate sector with an investment of nearly Rs 100 crore in Mumbai-based Peninsula Land. It will hold the majority stake in a joint venture with a total capital outlay of Rs 250 crores.
Peninsula has over 22 years of experience in the real estate sector, with 19 projects completed and two in progress. Delta Corp has previously been involved in various real estate projects.
Jaydev Mody, the company’s chairman, said: “Today, India’s real estate sector is poised for growth and presents attractive opportunities to businesses. The industry is consolidating as regulations increase, demand grows, and customers increasingly seek established and trusted brands. Via this strategic venture with PLL, Delta is perfectly positioned to take advantage of this new phase of growth in India’s realty space.”
In October, Delta Corp announced that it had received a temporary halt from the Sikkim High Court on a demand for back tax of Rs 6.28bn (US$75.5m) linked to the operation of Casino Deltin Denzong in Sikkim. The demand was issued by the Directorate General of GST Intelligence in Hyderabad.
The casino operator had filed a writ petition challenging the demand. The court’s order, dated October 20, maintains the status quo until the next hearing. The court issued notice to all parties on the interim application and requested replies from the Union of India, DGGI, State of Sikkim, GST Council and other respondents within two weeks